On the AUDUSD
4h chart (top left) we see that the ema5 (green line) is starting to cross below the 10ema (red line), RSI
is under 50 and heading down but not yet in oversold territory (purple line), and stochastic
is heading down but not yet oversold (green&red, bottom), both of these indicating that we potentially have more downward movement. The DXY
4h chart (top right) has a beautiful morning star
formation that just finished (2-12-2017 23:00 candle to 2-13-2017 07:00 candle). This could indicate continued upward movement for the dollar.
I am looking to the AUDUSD
15m chart (bottom) for a good entry. MACD
histogram (black bars) moving from positive to negative, RSI
heading down from overbought territory, and stochastic
heading down and not oversold.
For the near term it looks like there may be some upward movement before AUDUSD
continues the downtrend.
*Not investment advice, just my opinion*