Wednesday, 27 July 2016

AUD/USD hourly, daily & weekly charts - on the cusp of another move lower?

AUD/USD turned lower at weekly chart trend line resistance earlier in July. I have shown the 18 period SMA as often new trends begin when price trades in its vicinity.

Daily chart next. The recent push below trend line support has been followed by some days retesting the area around the broken trend line.

Hourly chart next. I have counted the upwards correction as complete at the recent high, and that is my primary scenario. Next most likely is that the upwards correction morphs in to something more complex.