AUSSIE DOLLAR...here we go again? Intermarket Analysis

[DTM]

Taking a quick look at the Aussie and its sky rocketed to above .8500 after it broke through my major resistance of .8350 early this morning around 4am US time I imagine.

The Aussies had a lot of good movements, lots of volatility and now price is compressing building pressure. Its sitting on support but its a little bit under resistance and forming a quasi pennant. It needs to break above the resistance of around .8520 - .8525 and to stay above .8505 for me to think its going to go up. On the daily charts, lots of divergence showing but shorter time frames say still room to go up.

I will track for the next hour and hope something happens between then.

 

[DTM]

Taking a quick look at the Aussie and its sky rocketed to above .8500 after it broke through my major resistance of .8350 early this morning around 4am US time I imagine.

The Aussies had a lot of good movements, lots of volatility and now price is compressing building pressure. Its sitting on support but its a little bit under resistance and forming a quasi pennant. It needs to break above the resistance of around .8520 - .8525 and to stay above .8505 for me to think its going to go up. On the daily charts, lots of divergence showing but shorter time frames say still room to go up.

I will track for the next hour and hope something happens between then.

Ok, after tracking it the pennant instead of shooting up dropped or slipped off the edge to give an oversold signal. I missed the trade and waited for it instead to settle around my resistance turned support of .8525. Its shot up again to .8545 but now showing overbought signals. I would normally wait for the price to settle or retest support around .8530 - .8535 or .8525 but have run out of time now.

Will look at it again in the morning if I get some time.

 

[DTM]

And now the Aussies @ .8620 going like the wind.

 

[It's Snake Pliskin]

A bullish scenario according to the article:
http://www.news.com.au/business/story/0,23636,22462004-462,00.html