AUD/USD- Losing Its Upward Momentum
The AUD/USD pair is trading above its upward trend line on a 4 hour time frame. The pair is trading below its 50 day moving average shown in yellow colour but above its 100 day moving average- shown in red color. This translates that the bulls are losing their control of the price and the bias could soon change if the price breaks below the 100 day moving average. In terms of patterns, we have formed a left shoulder, a head but still need to form the right hand shoulder.
The RSI is trading near over sold region which could push the price back as we approach near the upward trend line. The MACD indicator is still biased towards the downside more.
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam