Howdy,
I just wanted to hear some of your thoughts about the AUD/USD. I am waiting to short this sucker as soon as it breaks this upward trend line, probably at .8250.
Volume has really fallen off durning this 4-5 hour upward move. Also, notice the 4hr chart as there is bearish divergence on the volume as the price bounced off the 6 week down trendline. All of this shows signs of weakness.
Also something to consider, the last time the pair bounced off that long term trendline around .8350-.8360, there is a confluence of at least 3 different fib levels.
Lastly, on the 4hr chart, the stochs are way overbought and rolling over. Im not one to really pay attention to a whole lot of indicators, but it does make me feel a bit better to see them confirm a postion I am about to take.
Like I said, I plan to hort the AUD\USD around .8250. This will be a break of the uptrend, as well as fall below the last low, and it will also fall below a confluence of 2 more fib levels.
My target is .81.
Please feel free to post your thoughts, i would love to hear your opinions. Thanks all.