By: Doug Rosen
This pair continues to look bearish to me. The weekly ema's and price seem to have met up with each other, the 5 has crossed the 21 ema and is pointing downward.
The Daily candles have broken and retested the 233 ema and the lower Bollinger band is open to the downside. Ema's on all time frames seem to be pressing down on the AUD/USD and with the exception of the monthly M2 at 1.0316 which is also the Weekly M1 I do not see too much in the way.
We have a Daily M2 at around 1.0300 that may add a bit of pressure but if broken the retest could offer a decent short to around 1.0260 area. Hourly Stochastics is in the overbought zone, 15 Minute Stochastics is in the Trade Zone pointing down and we appear to have ema's crossovers on the 15 minute chart so technically speaking, I don't see any reason to consider anything but shorts with this pair.
