Australian Dollar Positioning Hints at Bearish Reversal Against USD

Published August 24th, 2009 - 06:40 GMT
Al Bawaba
Al Bawaba

The Australian Dollar is showing signs of a forming double top below resistance marked by the September 2008 swing high. Prices have formed a large Rising Wedge bearish reversal chart formation, with added confirmation seen in negative divergence on the RSI oscillator. A daily close below the 0.82 will initially target 0.7720.