AUD/USD: Does this descend from the double top come to an end?
Are the lines drawn in the sand here for the end of this decline or will it break all support and fall below parity. At least for the way back up it will need to get back in into this down trend channel and work its way through the down trendline above.
In this H4-chart I put in a 45 degree angle and a 22.5 degree angle as they might give us together with the Fib-retracement some idea where the train might stop and reverse. Any break of these lines will open up further potential for the down side.
The momentum indicator has reached its extreme levels and should soon recover or slow down the decline. This FX-pair works as a proxy for the Dow Jones Industrial and is a risk on/off play. Correlation between the Dow and AUD/USD is almost 1
Are the lines drawn in the sand here for the end of this decline or will it break all support and fall below parity. At least for the way back up it will need to get back in into this down trend channel and work its way through the down trendline above.
In this H4-chart I put in a 45 degree angle and a 22.5 degree angle as they might give us together with the Fib-retracement some idea where the train might stop and reverse. Any break of these lines will open up further potential for the down side.
The momentum indicator has reached its extreme levels and should soon recover or slow down the decline. This FX-pair works as a proxy for the Dow Jones Industrial and is a risk on/off play. Correlation between the Dow and AUD/USD is almost 1