June Australian dollar futures a selling opportunity on more price weakness.

 

See on the daily bar chart for the June Australian dollar futures that prices have backed down from the recent high, hit a two-week low and a fledgling downtrend line is in place. See, too, at the bottom of the chart that the Moving Average Convergence Divergence (MACD) indicator has produced a bearish line crossover signal, whereby the thick blue MACD line crossed below the thin red “trigger” line. The Aussie dollar bears have gained some downside technical momentum and would gain more by pushing prices below support at .9200. That would also become a selling opportunity. The downside price objective would be .8900, or below. Technical resistance, for which to place a protective buy stop just above, is located at this week’s high of .9344.

TI_042414.png