Wizard of AUD

Good Morning Dynamic Traders

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

Cross = AUD : Day Chart (Posted Below)

Long Term Trend = Down : Short Term Trend = Down

I hope you had a great week end and have a clear mind for the forthcoming trading week.

As it has been a while, I thought we would use the AUD cross this week to further our education and I intend to look at another indicator in greater depth so that we get a real understanding in what it shows us, after the feedback received from the MACD insight.

I would like you to look at your different time frame charts to accustom your self with the trends as listed above and also look at support, resistance as well as RN's. If we plan our analysis on the Daily chart as shown below, we can move down a time frame to get a more accurate entry for our trades.

What do we see ?

We have a major support at a RN which could be tested again.

We have RSI under 50 pointing down.

We have MACD below the signal line and below the zero line.

EMA's not stacked in line as of yet, which would confirm continuation of down trend.

Trend lines are giving us a decreasing triangle, however as it is a day chart, we have some days to go before we feel the squeeze. Support from the trend line below takes down to 63200.

Get a feel of your charts by using the information above and tomorrow we will look more closely at an indicator.

















Courtesy of Advanced Get / E Signal

Trade with Passion

John Maher
Forex Analyst