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Austin Galt

Austin Galt

Austin Galt is The Voodoo Analyst. I have studied charts for over 20 years and am currently a private trader. Several years ago I worked…

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AUDUSD Wave B High

The Aussie dollar looks to have made a reaction high today and I remain bearish about its short term prospects. Let's review the daily chart.


AUDUSD Daily Chart

AUD/USD Daily Chart

Price hit a high today at 76.76 c before reversing back down to form a bearish outside reversal candle. This should be the wave B high which will need to be confirmed with some downside follow through.

The Bollinger Bands show the high bang on resistance from the upper band.

The Fibonacci fan shows this high was around resistance from the 88.6% angle.

I have added Fibonacci retracement levels of the move down from the high into the wave A low and this wave B high was right at the 76.4% retracement level.

The RSI shows a triple bearish divergence which often leads to a significant decline.

The MACD indicator looks to be threatening a bearish crossover which should occur if price does indeed now follow through to the downside.

I expect the wave C low to be a marginal false break of the wave A low at 71.44.

 

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