Tuesday, 11 November 2014

AUD/USD significant low in place?

Is a significant low in place for AUD/USD?

Weekly chart first. I have been tracking market action relative to the black trend channel, and calling for a decline toward 0.84. Today I've also shown the blue channel, which suggests that a significant low could be in place.

Drilling down to the daily chart shows bullish divergences on both the RSI and MACD. A rally upward through the nearby trend line, accompanied by MACDH flipping positive, would boost the near term bullish case.