AUD/USD: Bearish Signal On Weekly Chart

The AUD/USD pair has formed a high probability bearish set-up on the weekly chart. The exchange rate, which has been in a strong down-trend, has now pulled-back into a zone between the 10 and 20 moving averages which is a good place to take trades in line with the broader down-trend. In addition it has formed a shooting star candlestick and MACD is moving down in line with the down-trend, and is not converging with the last MACD hump (not shown on chart below). A break of the lows of the shooting star would provide bearish confirmation of further downside, with a target at the level of the height of the shooting star extrapolated down, giving a target at 0.7505.

AUD/USD Weekly Chart

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