The Australian Dollar.

Good morning Dynamic Traders,

Todays chart is of the AUDUSD.

The weekly timeframe is currently standing around the V.I. and the daily is showing divergences on the MACD.

If you now look at the four hour chart below you will see that both longer and shorter term divergences are in evidence.

After breaking the figure and coming back down, price action is currently approaching former resistance which could now act as support.

A possible shorting opportunity could be available now for the more aggressive trader with a view to quicker term pips or depending on your stance wait and see if the confluences build for the more conservative approach.

As always please do your own analysis before taking any trades.

Charts courtesy of TradeStation.

Good luck with your trading.

Clayton Farnworth.