AUD/USD Closes Gap

• Daily and 4H: The AUD/USD is closing the gap that the market made during the opening of this week’s trading.
• Looking at the daily chart, the market was rejected from going above the 61.8% at 0.8885.
• The 4H chart shows a break below a rising support.
• So there are signs of bearish reversal, but these may be early.
• The 4H chart shows a positive reversal, so there may still be a pullback before heading lower.
• 0.85, then 0.81 are the next areas of support.

• The 1H chart shows that the RSI is breaking below 40, a sign that the bullish attempt is over.
• However, as far as timing goes, the 15 minute chart shows that the market is in oversold conditions according to the RSI. This is a good sign for the bearish outlook, but timing may be too early.
• There may still be a pullback before the bearish outlook is confirmed.

Fan Yang
Currency Analyst
Commodity Trading Advisor

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