AUD/USD- Price is at a Critical Area

By: Doug Rosen

Looking at this pair I keep getting the feeling something has to happen soon.



Either price is finally going to bounce off the Weekly 55 ema combined with the lower Bollinger Band then keep heading back up along the 21 ema as it has been for several weeks now, or will price get pushed through the 55 ema and bust through it then head down to the 144 or 233 ema we will just have to find out but it will be very soon. The weekly 5 ema has crossed below the other ema's and it appears to be forcing price downward.



On the  Daily chart  55 rms has dived straight through the 233 ema and the lower Bollinger Band is wide open. It doesn't look like there is much in the way before 1.0140 area so I would probably try to hold out for a 38.2 Fib Retracement which will over lap with the15 Minute 21 ema which also overlaps yesterdays low. 1.0260 area would be a great place to enter a short if price could retrace that far then you could just set a stop at 1.0290 hope price will fall to 1.0120 area which is the weekly S3.