Austalian Dollar

Good evening Dynamic Forex Traders,

The currency for the watchlist tonight is the Australian Dollar.

The daily chart below is at a former support level which is also a fibonacci cluster area and please notice the Stochastic hooking down from the OB area, although in AdvancedGet it is showing a false bar on the Get Stochastic indicating a possible trend, but also note that the extreme candle is not the doji, and be aware of the RN below.

Also , please be aware of the possible flag on the monthly timeframe.

The 4 hour timeframe below , has also hit the MOB in AdvancedGet, and is giving more confluences including the divergence on the RSI.

However , if this does decide to break resistance your ever faithful ESLT on the BOB can be applied.

As always , please do your own analysis , and do not chase the trade , but only enter when signalled in accordance with your mentoring , and if you do get entered , as with any position , manage it well .

Charts courtesy of TradeStation .

Good luck with your trading.

Clayton Farnworth .