The Australian Dollar.

Good afternoon Dynamic Traders,

The four timeframe chart on the AUDUSD, as mentioned on the 21st April, did not give any signal to come down further but instead just headed north. I did not trade either way on this pair but am now looking to see if a shorting opportunity should arise on the daily timeframe chart as shown below.

Price action has of late hit its V.I. whilst in a short term uptrend before having a small pullback and now price has come back towards the V.I.area.

I am once again looking to take a short position should indications come about, as price has hit a fibonacci revesal and although not finished is today producing a bearish engulfing pattern.
The immediate pattern is too extended for my liking to be a bearish flag but a possible H&S could be forming.

A diverging RSI is also in evidence as well as other confluences.

Please ensure to do your own analysis before taking any trades.

Tomorrow I will hopefully be having a new phone line connected and internet connection, and so depending on the progress of this there may not be any posting from myself but be sure to read all the other blogs.

Charts courtesy of AdvancedGet.

Happy and prosperous trading.

Clayton Farnworth.