A perfect setup for a fall on the AUD/USD pair

Forexmentor.com Forex Trading Price Action

I still maintain that the AUD/USD (Aussie) pair is topping out. It has just gone through its ‘third knock’ at the 7980 level, where it was repelled. Following negative MACD divergence to price on the 15 minute chart, just before midnight ET, price declined to M2 after the London open today – the expected low on this M2/M4 day. Once that was achieved, price then did a turnaround, and advanced as high as the Tom DeMark price projection dictated – on a trendline break, confirmed by MACD punching up through its trigger line. Lets not forget that the Big Dogs are extremely short the Aussie/long the USD – a perfect set-up for a fall. It’s just a matter of time, and I think that time is right. For more trading strategies, tips, and techniques, please consult the members area at forexmentor.com.

See latest sample AM Review at: http://www.forexmentor.com/sampler/