And now on to the Aussie folks. Last night, price was clearly above a down-trending 200 EMA on the hourly chart – i.e., going the wrong way – and MACD was turning turtle on the 15 min.

It was no big surprise to see negative divergence on MACD to price occurring on the 15 min. shortly after midnight ET. Translation: price had nowhere to go but down – through the end of the Asian session, and on into the London session. A Joe Cheung price projection just before midnight foresaw the eventual swoon in price down to the 7540 level – and there it went – just like magic folks.

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