The AUD/USD is in the topping out process

Forexmentor.com Forex Trading Price Action

For every yin, there is a yang in trading. Translation: for every trend, there is a counter-trend. Witness yesterday – a counter- trend move down after the news hour; a reversal up at the London close, in favor of the original up-trend; a further reversal down at the London open today. Price halted in its tracks at the expected low on the day – M2 – this being an M2/M4 day. On the daily chart, it looks like the Aussie is putting in its final thrust upwards – leg three up in a last gasp to top out. MACD is trending down, and is below its trigger line – heading for the waterline. Given that the Big Dogs are extremely short the Aussie, I can see the Aussie topping out on ‘Knock Three.’ Price has already put in a double top on the daily chart. For more of this trading speak, consult the members area at www.forexmentor.com.

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