By Anton Eljwizat – The volatile of the AUD/USD pair continues to be affected by the volatile forex market. The last few weeks has seen a lot of bullish strength in the AUD/USD pair. However, as I demonstrated below, it seems that the pair’s bullish run may have run out of steam, and a bearish correction could be underway soon. This might be a good opportunity for forex traders to enter the trend at a very early stage and at a great entry price.
• Below is the daily chart of the AUD/USD currency pair.
• The technical indicators that are used are the Relative Strength Index (RSI), Slow Stochastic and MACD.
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 3: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
AUD/USD Daily Chart
Forex Market Analysis provided by ForexYard.
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