Follow-up to Yesterday’s AUS/USD Comments
YESTERDAY’S AUSTRALIAN-US DOLLAR CALL
DISCLAIMER: All charts are for educational purposes only and not advisories or recommendations for trades.
This is a follow-up to yesterday’s hourly observations and expectations for a rise in the AUS/USD.
Happily, this is exactly what happened over the intervening hours with two tops put in that the Excalibur Method’s primary indicator (shown by the red dots on the chart below) pinpointed nicely yet again. Let’s look at the chart:
The green arrow shows yesterday’s expected price trend direction.
Prices did indeed go upwards, double-top and then take out the expected lows to continue down.
The present expected down trend is shown by the red arrow.
Momentum has slowed after reaching a solid support level and must drive below the 8830 level to proceed downwards further.
Until then, a repeat of yesterday’s action with the hourly trend trying to make a stab upwards out of it’s sideways trend is not out of the question. Should price fail to muster enough energy to do this, then, a slide down to the next level can be expected overnight as a continuation of the expected trend direction. – George