-We have seen a nice whip up to test the lower bound of the weekly uptrend which has failed.
-AUD has rallied recently into overbought territory in my opinion as the market has already priced in a rate hike,
-however we are likely to see the RBA downplay this on Wednesday as there are still many uncertainties.
-I can see distribution happening at these levels and the head and shoulder pattern completion would just add further confluence to the bearishness.
-BEAR for now
-AUD has rallied recently into overbought territory in my opinion as the market has already priced in a rate hike,
-however we are likely to see the RBA downplay this on Wednesday as there are still many uncertainties.
-I can see distribution happening at these levels and the head and shoulder pattern completion would just add further confluence to the bearishness.
-BEAR for now
Trade active
Trade closed: stop reached