Aussie to Weaken Again Versus the USD?

AUDUSD hidden bearish divergence 1hr July 4, 2013The AUDUSD pair may fall once again as it may find some resistance at its former support at 0.9120.  As you can see from its chart, the Australian dollar fell versus the USD but it managed to rally after seeing a low of around 0.9040. Aside from being a former support, the 0.9120 mark also lines up perfectly with the 38.2% Fibonacci retracement level that I drew, increasing the likelihood that the pair may hit a wall in the said mark. Moreover, a presence of a hidden bearish divergence or a negative reversal where the price makes lower highs and the stochastics draw higher highs plus an overbought condition indicate a possible weakness soon. If this is the case then the US dollar may rise further versus the Aussie, pulling the pair down to around 0.9060. However, a breach of 0.9120 could send it up to 0.9160.

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