matt_forex
Short

AUDUSD Divergence 7/16/14

FX:AUDUSD   Australian Dollar / U.S. Dollar
AUDUSD was in an uptrend since approx the beginning of the year. In May the pair failed to make a new high and since then began a range, which broke the trendline . The new recent high made at the beginning of July looked to restart the trend, but instead signaled bearish divergence, as the the RSI failed to make a new high as well.

I am waiting on a little pull back to the .9350 area which has a little resistance on the 4hr chart, before entering short. with a stop above the recent July high, and an initial profit target at .9133. If price manages to break the .9200 support level , it should fall fast to the .9133 point fast.

comments and criticism welcome
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