By Anton Eljwizat
The AUD/USD experienced much bullishness in the past few days, as it now stands at 1.0240. However; it seems that this trend may be coming to an end. I will illustrate below that the AUD/USD may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the 8 hour chart of the AUD/USD currency pair.
• The technical indicators used are the Slow Stochastic, Williams Percent Ranges, and Relative Strength Index (RSI).
• 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) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure.
AUD/USD 8-Hour Chart
Forex Market Analysis provided by ForexYard.
© 2006 by FxYard Ltd
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.
