AUD/USD 4 Hour Chart Analysis on 10th September 2010 9.55pm
Good day Forex Traders.
Lets look at the chart below.
AUD/USD Technical Analysis
I am looking at the AUD/USD. It has had a nice bullish trend since the 25th August. It has even broke the resistance at 0.9203. Right now, the move seems a little bit overextended and due for a correction.
I am thinking that the price would retest the resistance line again at 0.9203 and rebound to resume the up trend.
My MACD histograms are showing some green bars that are getting shorter. A bearish momentum just starting?
My Stochastics have gone below the 80 mark, indicating a potential move lower.
Looking at all the factors above, I have taken a short trade at 0.9231 and I am targeting 0.92 as my Take Profit (TP) target and 0.9252 as my Stop Loss (SL) level, just above the shadow on that last red candle.
Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com