AUD/USD Sliding Sharply out of a Rising Channel

Posted by on Jan 24, 2013

AUD/USD 4H chart 1/24/2013 8:40AM EST Rising Channel: I noted AUD/USD was cracking the rising channel support in the previous update. Well, the result was a failed breakout, that lead to a rally that tested a key previous resistance at 1.0578. The RSI meanwhile was stuck between 40 and 60, and really maintained a bullish stance as it held above 40 because it had previously tagged 70 as a sign of bullish momentum. Today, all this changed. The rising trendline is clearly broken, and the RSI
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