AUD/USD Top Down Charts

Been a while since I’ve looked at a pair top-down style, going through the time frames. Here we go.

AUD/USD monthly chart shows two distinct and well defined price moves – a range of approx. 3000 pips and another of approx. 5000 pips. The recent all time high (post float) completed both these ranges.

A week ago I pointed out a very bearish candle pattern on the weekly called an evening star. This has been followed by a lower weekly close with a candle that could also be considered bearish.

A channel on the daily chart has been broken together with RSI moving below 50, as it did in March.

The hourly chart above points to a trend change – bearish MAs, bearish colour zone, break down of uptrend channel, a new low, and more moves below 30 than over 70 on hourly RSI since the high.

There are many indications that we’ve seen a high on AUD/USD. A 100pip move up from current levels could easily happen and would not change the above analysis. 200pips and I’d have to re-think. 🙂

10c

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