AUD/USD Breaks 200-day SMA and Looks Toppy @ Forex Factory

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AUD/USD Breaks 200-day SMA and Looks Toppy

The dramatic drop in the aussie last night when the CPI was released at 9:30pm EST pushed prices lower in what I deemed a “too far-too fast” manner. In other words, regardless of the negativity of the move, it appears some moves are simply unsustainable. I realize this is a very subjective determination so I need to rely on my charts to justify and measure what the move means in terms of support and resistance. However, I think it is very important to understand that there is a vast difference between a negative market sentiment and a bearish trend; I believe the culmination of a negative market sentiment creates a bearish trend. Full Story

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Raghee Horner

36 Submitted (108 total Useful votes)

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Submitted Jul 28, 2010 4:42pm

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Jul 28, 2010 5:24pm

whipsawed

56 Comments

72 Votes Cast

not sure what "toppy" means, but aussie looks like it's resting before a big move north. i've been long for quite a time. thanks for your analysis ragee