By Anton Eljwizat – The pair has recorded much bearish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the 8-hour chart signals that a bullish reversal is imminent. 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, MACD, and Relative Strength Index (RSI).
• Point 1: The Slow Stochastic indicates a bullish cross, signaling that the next move may be in an upward direction.
• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-sold territory, indicating upward pressure.
• Point 4: The MACD indicates an impending bullish cross, which may signal an upward movement is going to occur in the near future.
AUD/USD 8-Hour Chart
Forex Market Analysis provided by ForexYard.
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