matt_forex
Short

AUDUSD Divergence 7_18_2014

FX:AUDUSD   Australian Dollar / U.S. Dollar
Price has retraced to the .764 fib, (most recent high) and has remained in a range just below it.
Price is currently bouncing off the .618 fib and the RSI has failed to reach the 70. mark, and continues to move lower, creating bearish divergence (see chart)

first target is horizontal resistance at .9217 which also coincides with the .5 fib level. A break of this level will open the next profit target of .9071 which is a confluence of horizontal resistance and the .382 fib level.

Please comment.
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