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Feb 08

Forex Trade Alert for AUD/USD

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Forex Trade Alert for AUD/USD

Australian Dollar.

02.06.2010.

The market is stalling. It may be wise to exit this trade. Market is holding below the 0.8733 level. 4xGenie Action: ==> Maintain short position. Price projection of 0.8655 has been reached. Stop at 0.9083. Wave C could drop down to 0.8300. NOTE: This is a very strong bearish sign with the lower pivot band falling lower and with today’s close below the lower pivot band. The CCI is below -100. This currency pair is oversold at this time.

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The Aussie dollar is headed for a test of primary support against the greenback. Breakout below $0.8733 would signal a primary down-trend while respect would indicate another test of $0.8300. Bearish divergence on Momentum Oscillator (21-day) favors a down-trend.

4xGenie Support Team

Drawbacks Of Relative Strength Index (benzinga.com)

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