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AUDUSD approaching potential Support

Posted on July 4, 2013 Written by Chart Prophet

4th July: as discussed in webcasts AUDUSD has been weak since the lower high at the 1.0365 poc in late April.  As chart approaches the Support at 0.8954 there is a positive divergence between price and the CP Price Osc (dashed).  Bulls would want to see that Support hold and retail traders turn less bullish if there’s a rally, currently they are still very long and that’s not encouraging (contrarian).  Price below 0.8954 would indicate continuation of the trend.

AUDUSD approaching potential Support
AUDUSD approaching potential Support

Filed Under: AUDUSD, Forex

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