FXGLORY
FxGlory Representative
- Messages
- 3
Technical analysis of AUD/USD dated 05.08.2013
As it was mentioned in the previous technical analysis of this currency pair dated 24.07.2013, according to the formed technical signs, there was the potential for descending of price which finally happened. During the uptrend from bottom price of 1.91258, price with reaching to the descending trend line made of 4 peak prices has been stopped form more ascend. Right now in 4H time frame price with creating the hammer candlestick pattern (failure of sellers in reaching to the lower price) warns about the formation of a bottom price in this range that needs the recording of the bottom price of 0.88472.
As it is obvious in the picture below, there is non-ideal butterfly pattern between the top price of 0.93159 and the bottom price of 0.88472 that there is a potential for ceasing of price from D point of this pattern. RSI indicator is in saturation sell area and divergence mode with the price chart that confirms the current bottom price and warns about ascending of price during the next candles. Generally until the price level of 0.88472 is preserved, price will have the potential for reformation and ascending.
FxGlory
2013.08.05
As it was mentioned in the previous technical analysis of this currency pair dated 24.07.2013, according to the formed technical signs, there was the potential for descending of price which finally happened. During the uptrend from bottom price of 1.91258, price with reaching to the descending trend line made of 4 peak prices has been stopped form more ascend. Right now in 4H time frame price with creating the hammer candlestick pattern (failure of sellers in reaching to the lower price) warns about the formation of a bottom price in this range that needs the recording of the bottom price of 0.88472.
As it is obvious in the picture below, there is non-ideal butterfly pattern between the top price of 0.93159 and the bottom price of 0.88472 that there is a potential for ceasing of price from D point of this pattern. RSI indicator is in saturation sell area and divergence mode with the price chart that confirms the current bottom price and warns about ascending of price during the next candles. Generally until the price level of 0.88472 is preserved, price will have the potential for reformation and ascending.
FxGlory
2013.08.05