The Dark Knight’s Fx Series : AUDUSD Stochastics

Foreword : Tradehaven’s  FX technical analysis series by our new contributor, The Dark Knight, who happens to be an avid comic fan and collector.

Well known in the technical analysis circuit with 20 years of FX trading and charting experience behind him, I am proud to have manage to enlist his work for this website.

**************************************

Morning. Reference to the daily technical studies, AUD is attempting to form a near-term base off recent low 0.7370.

The downside risk still exists and the general trend is down but there is a possibility that AUD could stage an upward retracement phase near-term given the underlying oversold state and most of the negative technical studies are about to cross upward.

Watch the Stochastic Oscillator, as this is the closest we have in term of crossover. Trend resistance is at 0.7535 ahead of the 50-Days MA 0.7680. Firm weekly / Daily close above 0.7535 calls for further upside gains next week. Buy AUD 0.7455/60 Stop Loss 0.7395 for 0.7680 target.

aud stochastics