The trend of the last two weeks is really bearish for AUD/USD. Although, a retrace up has occurred in the US session. That retrace looks almost complete now for four reasons:
1. Stochastic is almost overbought
2. There is some decent resistance below 0.74
3. The previous candlestick is a small bearish reversing signal
4. Most importantly, the 20 SMA is providing resistance
This looks like a good opportunity to open a sell forex trade. The sentiment is still negative ion the market and risk currencies such as the Australian Dollar suffer during such times.
1. Stochastic is almost overbought
2. There is some decent resistance below 0.74
3. The previous candlestick is a small bearish reversing signal
4. Most importantly, the 20 SMA is providing resistance
This looks like a good opportunity to open a sell forex trade. The sentiment is still negative ion the market and risk currencies such as the Australian Dollar suffer during such times.