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Publish Date19/12/2012 08:21:16 PM
Last Update20/12/2012 08:14:27 AM
The weekly chart of the AUDUSD pair offers a short opportunity for short-term traders whereas the price couldn’t breach the upper line (resistance) connecting the movements of the following peaks:
However, failure to breach the aforesaid resistance isn’t the only catalyst that actuated us to suggest bearish direction, but we can see how the pair has received additional bearish impetus from touching the upper line of Keltner channel which has been recast as a very solid resistance and that might bring notable correction over upcoming sessions despite the year-end atmosphere.
Click on the image for a larger view
What is Keltner channel?
The Keltner channel is a moving average band indicator with upper and lower bands that adapt to changes in volatility by using the average true range. Generally, the Keltner Channel is used to signal price breakouts, show trend, and give overbought and oversold readings, and on our AUD/USD chart it reflects an obvious overbought condition.
CCI 14 confirms this overbought case and potential targets for bears reside at 1.0275 boundaries.
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