AUDUSD Bullish in Short Term, Bearish in the Long Term

FX:AUDUSD   Australian Dollar / U.S. Dollar

Resistance @ 0.8671
Support @ 0.8206
Support @ 0.7895

RSI (80, 20, 14) shows we're almost oversold so I think when we hit the 0.8206 area we'll definitely be oversold and see a retracement.


Resistance @ 0.8548
Support @ 0.8153

RSI (80, 20, 14) also shows we're on the way to being oversold so I'd expect a retracement in the beginning of the week so that retracement would make a good entry point with stop above 0.8548.

4 Hour:

Resistance 0.83949

We're still sittin' pretty in a downward channel and our lower lows have been pretty consistent. It looks like we're at our most recent lower low especially considering the size of the bar and wick on our last candle. The giant drop two candles earlier can be attributed to action related to Non Farm Payrolls on Friday.

We've been consistently seeing retracements into the 0.5 line, so your best bet is to buy with a limit at the bottom of the channel and place a stop below the channel and another around the 0.5 retracement to take profits.

RSI (80, 20, 14) shows we're about at the same level as the other retracements that happened before.

1 Hour:

The 60 minute chart shows there's still a bit of downward strength so I'd expect things on Sunday to either continue doward or consolidate for a couple of hours before the beginning of our expected retracement.