The Australian dollar has been consolidating on the daily chart since mid year. It has continued to compress into a tighter formation and now appears to be nearing the end of a correction to the down move that began near end of 2014 on weekly chart.
On the monthly chart, all indicators have pulled back from extreme oversold conditions of Feb 2016 to what could be resistance levels (TSI - 0, RSI - 40, stoch 80'ish)
A break below weekly support should begin process of pulling indicators negative. With a brief pullback, prices should then continue down to monthly support levels noted on chart.
On the monthly chart, all indicators have pulled back from extreme oversold conditions of Feb 2016 to what could be resistance levels (TSI - 0, RSI - 40, stoch 80'ish)
A break below weekly support should begin process of pulling indicators negative. With a brief pullback, prices should then continue down to monthly support levels noted on chart.