AUD/USD Challenges a Rising Channel Support
Bearish: The AUD/USD remains bearish since breaking below 1.05 and staying under it. The 1H chart shows the RSI tagging 30 and holding below 60, reflecting development of bearish momentum. Price action is also accelerating downwards. The moving averages in the 1H chart are in bearish alignment. However, as we get near the 1.04 handle, the AUD/USD meets a rising channel support. Channel support: The daily chart shows the AUDUSD in a sharp decline this week, now threatening to break below the rising channel support that went back to the October low of 1.0148. In fact, the break below the channel opens up that 1.0148 low...
- Posted: Dec 21, 2012 10:28am
- Submitted by:Category: Technical AnalysisViews: 1,455Comments: 0