Monday, 25 April 2011

AUD/USD hourly

There is a possible double top forming on the hourly chart. A move below 1.0720 would be initial confirmation. I consider this pattern to be an item of interest rather than a tradeable edge. Patterns suggesting a change of trend are lower odds that patterns suggesting resumption of the trend. There is a good chance that this will morph in to a corrective pattern prior to resumption of the up trend.