I am not a financial adviser so you should not take any part of this blog as being financial advice. Observing and interpreting charts is a hobby and so is this blog. The information in this blog is just my opinion, it may not reflect reality. Stock market investing is risky - you can lose all, or potentially more than all of your money given certain market conditions. Not only can you lose a lot of money buying shares, you can also lose a lot of potential profits by selling shares at the wrong time. So please do not buy or sell shares because of information in this blog. Whether you buy or sell shares is your decision as is the decision when to buy and sell. Do not risk any money you cannot afford to lose. Do not risk any money if you do not fully know and understand what you are doing.

Wednesday, April 13, 2011

'Dark Cloud' over Aussie Dollar

The dark cloud pattern is a major bearish reversal pattern in Japanese technical analysis. Composed of two opposite coloured candles, they are found next to each other after a defined or short term uptrend. The pattern is formed when a white candle is followed by a black candle that opens higher than the white candle's close and when the black candle closes below the mid-point of the white candle's body. This formation was formed by the price action on Monday and Tuesday. Today the pattern was confirmed by the lower high, low and close today. So we have a 'top' in place on the Aussie. Whether it is a 'big top' or a 'little top' remains to be seen. A 'little top' would see the correction stop at $1.02 or higher.
Posted by

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)