AUD/NZD Bearish Correction may be in the Making
November 3rd, 2009 Posted in Tech Analysis
Name: Anton Eljwizat
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The pair has recorded much bullish behavior in the past several days. However, the technical data indicates that this trend may reverse anytime soon. For example, as I demonstrate below, the daily chart signals that a bearish reversal is imminent, and it might have the potential of reaching towards 1.2500 in the coming days. This might be a good opportunity for forex traders to enter the trend at a very early stage and a great entry price.
• The technical indicators used are the Slow Stochastic, MACD, and Relative Strength Index (RSI).
• Point 1: The MACD indicates an impending bearish cross, which may signal a downward movement is going to occur in the near future.
• Point 2: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 3: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
AUD/NZD Daily Chart
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Tags: AUD, dollar, Forex, forex blog, MACD, NZD, RSI, Slow Stochastic, Technical Analysis
