May 23, 2008 08:48

Technical Analysis – AUD/USD – Downside

Posted In: Technical Analysis
By:

5-23-08

8:49a GMT – AUD/USD is approaching former support line around .9615 (green trendline on chart below) while at the same time approaching the top of its downtrending RSI line (blue line on RSI chart below). After breaking its bullish channel I expect the downtrend to continue in the short-term. Slow SS is also flipping on 60M.

Trading Idea: Wait for bearish candlestick to confirm entry and price reversal to enter. First target around .9550. Below that look fo5 .9500. If it breaks resistance look for .9650 and .9700.

Result: -40 pips

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