Trend: Up
Timeframe: Daily
-Price broke out of the upwards moving trend and could either be forming a new trend down or if current top support at 1.0712 holds then further continuation upwards may occur.
-Stochastic is curling up, which may indicate further continuation in the short term. It should be noted that their is some bearish divergence on the daily stochastic .
-The weekly does show that price may start trending down over the next few weeks. See the picture of the weekly below, on an overall downtrend price currently hit the 0.618 which could signify downward movement over the mid term (in weeks). This pair really trends, so more than likely a downtrend may be starting up as bullish action may be coming to exhaustion.
-I am looking for bearish trends to form and confirm before placing a short order, as of now I am neutral, but I am starting to lean bearish
Timeframe: Daily
-Price broke out of the upwards moving trend and could either be forming a new trend down or if current top support at 1.0712 holds then further continuation upwards may occur.
-Stochastic is curling up, which may indicate further continuation in the short term. It should be noted that their is some bearish divergence on the daily stochastic .
-The weekly does show that price may start trending down over the next few weeks. See the picture of the weekly below, on an overall downtrend price currently hit the 0.618 which could signify downward movement over the mid term (in weeks). This pair really trends, so more than likely a downtrend may be starting up as bullish action may be coming to exhaustion.
-I am looking for bearish trends to form and confirm before placing a short order, as of now I am neutral, but I am starting to lean bearish
Comment:
Weekly:
Comment:
Trade may be invalidated with today's movement to the upside. There is some high impact news for the AUD tonight (RBA rate decision - 1.0% to possible 0.75% cut), which may send the pair down. I am sitting out for now until the news occurs.