Thursday, 10 April 2014

AUD/USD putting in a top at trend channel resistance?

Daily chart begs the question, is the AUD/USD putting in a top. So does the currently heightened mainstream media coverage of the Aussies' recent rally.

Five minute chart illustrates five waves down from today's high, indicating that the trend has turned down, at least in the short term.

ASX 200 testing trend line it touched earlier in 2008, 2010, 2013 & 2014

The ASX 200 is testing resistance at the illustrated trend line, which the market (not me) drew via touches in 2008, 2010, 2013 & 2014.

If (if) the market can beat the above trend line, it will next target the nearby trend line drawn below.

Charts include after hours trade.