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.
Its really going sideways waiting for the FOMC.
ReplyDeleteGood pattern.
ReplyDeleteIt may rise still further.
ReplyDeleteAccurate spotting.
ReplyDelete