Wednesday, 27 July 2011
Aussie dollar, let's not forget to keep one eye on the stock market. The daily chart down trend continues, and with the moving averages on the cusp of crossing bearishly, an extension and acceleration of the down trend is a strong possibility.
Will the AUD/USD bounce down from the trend line or surge through it? Mainstream media headlines like today's
from the Sydney Morning Herald are enough to make a contrarian call a top. I'll stay out of the forecasting game, and simply say, watch that line.
Hourly chart including overnight trading (Oz time) showing trend line break, in the context of market action which has so far remained below the down trend line from the April high, shown on the daily chart...