AUDUSD Analysis July 2015 (D)
Created on Sunday, 28 June 2015 01:45
Written by Austin Galt
The wait for final low continues. I am expecting a marginal false break low around 75c before a big bear rally takes hold. Let’s see where things are at using the daily chart.
AUDUSD DAILY CHART
We can see the 7 point broadening low in play denoted by the numbers 1 to 7. We now just need the point 7 low to form before the belated bear rally can get underway.
The PSAR indicator has a bearish bias after price just busted the dots on the downside.
The Bollinger Bands show price is back at the lower band ready for the final drop into low.
The RSI looks set to throw up a bullish divergence at the coming low while both the Stochastic and MACD indicators are both bearish signifying the likelihood of lower prices.
Personally, I expect the false break low to be within half a percent of the previous low at 75.34c. In trying to pinpoint the coming low I am plonking on 75.10c.
Once the point 7 low is in place I expect a big bear rally as previously outlined that see price get up to at least 90c. We can try to nail down that low even further once the rally kicks off.