AUDUSD Chart Technical Outlook passes through the wedge target
AUD basket – with risk on appetite, the Australian Dollar has continued to move to the upside. We have a projected resistance barrier for a Bat formation located at 11.52.
AUD/USD – broken out of a wedge formation to the upside. The measured move target of 0.6622 has been achieved. We have a projected resistance barrier from a Bat formation located at 0.6678. The previous swing high from Dec 4 is located at 0.6690. Bespoke support is located at 0.6568.
Conclusion: buying at 0.6568 (bespoke), targeting 0.6678 (projected AB), with a stop loss at 0.6528 offers a risk/reward setup of 2.75R
