Newmont Basing For Reversal

Newmont mining (NEM) has been in the news lately on M&A rumors. Looking at the stock reveals a 5 months Head & Shoulders bottom. Interesting the neckline intersects with NEM  200MA. A breakout should be significant with an implied target of $31.80. Note that NEM reports earnings tomorrow Apr 24th.

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What The 200MA Means For The Aussie

The Aussie dollar AUD/USD completed a Head & Shoulders bottom by closing yesterday above 0.909. But the 200MA is currently capping its ascent for the second time, giving it some resistance importance. So a break above the 200MA at 0.91250, would provide a conservative entry. Implied target is 0.950.

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Aussie ETF (FXA) traders have the pattern neckline at $91.20 and the 200MA at $91.80. Implied target of FXA is $95

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