Tuesday February 16, 2010 - 16:48:39 GMT
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FXTimes: Daily Technical Update USD/CHF Reversal Signal
Daily Technical Update
February 16, 2010
AUD/USD Reversal Signal
- Daily: The market is showing reversal signals before the 1.09 area that was projected last week. (Refer to Daily Technical Update 2.11.2010 USD/CHF).
- The stochastic shows bearish divergence, and price action is
showing bearish takeover. This price action at the completion of a
bearish gartley is giving very strong bearish signals for the
- Also, the market has a powerline at the 1.05 area, so that will be
an important level to monitor for the current decline, and can be a
- 4H: The 4H chart shows the reversal in order as
the pair breaks below a rising trendline. We may be start the
corrective waves of a complete bullish cycle. The 1.05 powerline
mentioned before is the 50% retracement of this uptrend and is a
short-term projection of the current retracement decline.
- There should be confirmation from a pullback as the stochastic in 4H nears oversold.
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All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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