Tuesday, April 21, 2009

AUD USD Charts

aud usd 240 mins 21.04

Price broke below support line from early March. The move down after that has been quite stunning. Relentless selling – one can count six 240 mins bars of over 50 pips each. Look at the daily chart below. The range for the pair yesterday was around 250 pips – more than 2 times the Average Trading Range for yesterday at 115 pips. This kind of move with a break of support definitely calls for an end of the uptrend and for the downtrend to resume. Though after such a big move, we should a few bars of consolidation before bears can gather fresh energy to push things further down.

aud usd daily 21.04