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
Click here to receive my free forex signals via email
Click here for more info on how to use my free forex signals
Click here to learn how much you can earn with our Forex Income Calculator
Click here to see recent Technical Analysis posts
Click here to see recent Free Forex Signals (signals that I trade and are performance tracked)



