H/T @JohnKicklighter from dailyfx.com for pointing out the S&P 500 move.
A$ was unable to close above the the resistance level of 1.05837 & also was unable to close above the .382 fib extention level taken from the 6/4/12 low & 9/6/12 low.
The S&P however was able to move higher, while the A$ which is a risk currency that correlates positively with the S&P could not advance past recent highs.
The candle was able to pierce these levels but was pushed back down, leading to the formation of a shooting star again indicating a possible reversal / correction of this months advance.
RSI is also trending downward.
enter-- sell A$ on monday's open. With a stop above resistence of 1.06742 and a profit target of 1.04426
Later today I will post an hourly A$ chart with some potential intraday trades.
A$ was unable to close above the the resistance level of 1.05837 & also was unable to close above the .382 fib extention level taken from the 6/4/12 low & 9/6/12 low.
The S&P however was able to move higher, while the A$ which is a risk currency that correlates positively with the S&P could not advance past recent highs.
The candle was able to pierce these levels but was pushed back down, leading to the formation of a shooting star again indicating a possible reversal / correction of this months advance.
RSI is also trending downward.
enter-- sell A$ on monday's open. With a stop above resistence of 1.06742 and a profit target of 1.04426
Later today I will post an hourly A$ chart with some potential intraday trades.