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Aussie Bulls Take Control - Don't Discount Pullback: AUD/USD, EUR/AUD

Aussie Bulls Take Control - Don't Discount Pullback: AUD/USD, EUR/AUD

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- AUDUSD looks overextended near-term, but becoming more bullish.

- Looking to sell EURAUD rallies into 1.4995/5010.

- Four events to watch on US economic calendar today.

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The Australian Dollar has seen a solid run the past week, and while technicals may be pointing higher, it's best not to discount the potential for a correction at this stage. The AUDUSD has climbed through swing resistance from mid-December at 0.9165, and while it would be ideal for price to hold there for a test, possible support extends down to 0.9130/40, resistance in the ascending triangle.

EURAUD is more bearish than AUDUSD is bullish as the head and shoulders topping pattern also coincides with the EURUSD starting to slip. Accordingly, while the EURAUD has found support at swing points from the first week of December, with a tpping pattern in play, we're bearish below 1.4995/5010.

Read more: Australian Dollar Gathers Pace

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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