AUDUSD about to drawback?
Updated
Good Evening Traders,
The AUDUSD may be ready to make a pull-back. The pair did not quite make it to .7000 and it is hitting strong resistance on the 1W. Elsewhere, Bearish Divergence has formed on the MACD/Price Chart on the 16H. At each point Bearish Divergence has formed during this uptrend, we have seen a draw-back. RSI is also well into OVERBOUGHT territory on the 16H RSI.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
The AUDUSD may be ready to make a pull-back. The pair did not quite make it to .7000 and it is hitting strong resistance on the 1W. Elsewhere, Bearish Divergence has formed on the MACD/Price Chart on the 16H. At each point Bearish Divergence has formed during this uptrend, we have seen a draw-back. RSI is also well into OVERBOUGHT territory on the 16H RSI.
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Note
After a bit further research I have found Hidden Bullish Divergence on the lower time frames and will not be taking any short positions
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