Commentary on the AUD/USD

Forexmentor.com Forex Trading Price Action

Yesterday, we talked about the Kiwi (New Zealand dollar). If you missed my discussion on its decline in that AM Review, please check it out in the members’ area at: www.forexmentor.com

Today, I’m going to focus on the Aussie (AUD/USD pair). Again, yesterday, one of our members phoned me to concur that it has topped out, and has a ways to go down. You will see on the weekly chart for this pair a resistance trendline break, and the fact that MACD has punched down through its trigger line. The daily chart also shows MACD trending down.

Looking at the lower level charts, the 50x100x200 EMAs are stacked in their proper order on the 4 hour chart for a downtrending market. Even after today’s price action, through the London open, that fact still remains. Translation: price is going the wrong way – i.e. bucking the trend – going up, instead of down.

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