AUDNOK To Turn Higher?
AUDNOK price action is starting to look interesting here. We’ve seen the pair moving lower within a well-defined bear channel over the decline from December highs. However, the move lower has seen bullish divergence in momentum studies and price is now turning higher, threatening a channel break. If price can clear the 6.3573 level, bulls should see momentum gather, taking price up to 6.4202 as an initial target. On a broader level, the current price lows might transpire to be a higher low against the October lows, carving out a large basing pattern.
Keep An Eye On
AUD is trading with a better tone today following a strong set of employment data overnight which saw the headline unemployment rate falling back to 4.2%. While oil prices remain elevated for now, in favour of a higher NOK, we have seen strong bearish divergence on this last peak, suggesting reversal risks which, if they realised, would help drive AUDNOK higher near term.
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With 10 years of experience as a private trader and professional market analyst under his belt, James has carved out an impressive industry reputation. Able to both dissect and explain the key fundamental developments in the market, he communicates their importance and relevance in a succinct and straight forward manner.