I can see clearly now !

Good Morning Dynamic Traders

"Better to have tried and failed, than not tried at all"

Cross = AUD : 60min Chart (Posted Below)

Long Term Trend = Down : Short Term Trend = Down

Hi everybody, I have dropped another time frame for tonight's chart and have kept last nights trend lines in place, with stochastic s as our featured indicator.

What do you see ?

What do you not see ?

We have what looks like an up trend on price between the trend lines, which has passed through the retail index.

Our trend lines have come to the end of their squeeze on this time scale and after a break of the top trend line we were presented with a false breakout.

This has been followed by a sharp drop in the price and a BOB through the lower trend line which would have triggered us in the trade using our ESLT. As I write we would be out of pocket
as price has struggled to continue down as we battle with the retail index for right of way.

If we break through this confrontation a move down looks likely as we look for further confirmation.

Stochastic s fast line is below the signal line pointing downwards since 1900hrs last night.

RSI is below the 50 after failing to pass the 65 and is pointing down.

MACD has recently crossed the zero line with a wide gap between itself and the signal line.

As always please do your own analysis before placing your trades and use a stop and remember we have 3 heavy duty news items today on the USD. Beware !




Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst