On the AUDUSD 4h chart (top left) we see that the ema5 (green line) is starting to cross below the 10ema (red line), RSI is under 50 and heading down but not yet in oversold territory (purple line), and stochastic is heading down but not yet oversold (green&red, bottom), both of these indicating that we potentially have more downward movement. The DXY 4h chart (top right) has a beautiful morning star formation that just finished (2-12-2017 23:00 candle to 2-13-2017 07:00 candle). This could indicate continued upward movement for the dollar.
I am looking to the AUDUSD 15m chart (bottom) for a good entry. MACD histogram (black bars) moving from positive to negative, RSI heading down from overbought territory, and stochastic heading down and not oversold.
For the near term it looks like there may be some upward movement before AUDUSD continues the downtrend.
*Not investment advice, just my opinion*
I am looking to the AUDUSD 15m chart (bottom) for a good entry. MACD histogram (black bars) moving from positive to negative, RSI heading down from overbought territory, and stochastic heading down and not oversold.
For the near term it looks like there may be some upward movement before AUDUSD continues the downtrend.
*Not investment advice, just my opinion*