Aussie Pullback

The AUDUSD is slightly short of the MOB but has produced a reversal. In order for this to be a continuation we need to see it abide by the breather rules as shown on chart. After that we need to see a break out. At this stage we can use our entry stop loss technique to trigger us in to the trade and the next major resistance will be the big figure. The extension is approximately 1.0120.

The chart shows MACD divergence prior to the retracement. Should the breather continue then the Ellipse is the next level.


Chart courtesy of Advanced Get. Data provided by eSignal.

Forex Analysts
Javid Shaik & Anne Chapman