Tuesday 13 June 2017

AUD/USD Formed a Double Top




AUD/USD has been consolidating sideways for the past few days, as the candlesticks on the daily time-frame show, but apart from that there are two very important signals for a move to the downside which are obvious on that same daily time-frame. Namely, there is a hanging man candlestick below the resistance at 0.7566, and even more importantly, there is a double top at the same resistance at 0.7566. Should those signals prove valid, the pair will likely start falling, first towards the support at 0.7500, which coincides with the (MA)89 indicators on both the daily and the four-hour time-frames. A breakout below that support will probably lead to a further move to the downside towards 0.7470.

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