AUDUSD FORMING TRADABLE BOTTOM POST-NFP, China CPI

10 thg 11, 2014

Now that the dust has settled post NFP, China CPI, the AUDUSD is ready to bounce after heavy selling over the last week. Daily RSI and Stochastics are both sloping up now, with Stochastics rising from an oversold level. The daily MACD blue line is trying to bottom, with the MACD histogram becoming less negative. AUDUSD is now just sitting in a minor resistance (previous support) zone, as indicated by the horizontal line I've drawn intersecting the current candle. This resistance area will likely give way quickly to the next key target between .875 and .88, where the AUDUSD will likely bump into the downtrend resistance line. The monthly chart is still bearish, although the weekly chart has been showing bottoming efforts now for more than a month.

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