By Anton Eljwizat
In the last two weeks trading, the AUD/USD experienced much bullishness, as it stands now at 1.0185. However as I demonstrate below, it seems that the pair’s bullish run may have run of steam, and a bearish correction could be underway soon. Forex traders can take advantage of this imminent downward movement by entering short positions at an excellent entry price.
• Below is the daily chart of the AUD/USD currency pair.
• The technical indicators that are used are the William Percent Range, Relative Strength Index (RSI), and Slow Stochastic.
• Point 1: The Relative Strength Index (RSI) indicates that the price of this cross currently floats in the overbought territory, signaling downward pressure.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The Williams Percent Range also supports the downward direction.
AUD/USD Daily Chart
Forex Market Analysis provided by ForexYard.
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Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.
