The AUD/USD experienced much bullishness in the past few days, as it now stands at 1.0240. However; it seems that this trend may be coming to an end. I will illustrate below that the AUD/USD may very well be heading for a reversal. Forex traders have the opportunity to wait for the upward breach on the hourlies and go long in order to ride out the impending wave.
• Below is the 8 hour chart of the AUD/USD currency pair.
• The technical indicators used are the Slow Stochastic, Williams Percent Ranges, and Relative Strength Index (RSI).
• Point 1: The Slow Stochastic indicates a bearish cross, signaling that the next move may be in a downward direction.
• Point 2: The Relative Strength Index (RSI) signals that the price of this pair currently floats in the over-bought territory, indicating downward pressure.
• Point 3: The Williams Percent Ranges is showing that this pair is heavily over-bought and may be experiencing strong downward pressure.
AUD/USD 8-Hour Chart
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