But we cannot afford to say it's been a reversal on long term trend unless & until a clear confirmation (so for a bull call, advice is to wait until confirmation).
Technically, to substantiate this view, the (14) on has reached near 65 levels which is now signaling indecision but intraday charts (4 hourly) reignites overbought pressures by evidencing divergence near 60's.
We could smell some sort of dubious reversal patterns as strength index curve on monthly prompts desperate bulls with an oversold scene.
While %K line crossover in oversold territory on slow curve is also an early alarm for bulls.
Hence, lot of speculating bull moves happening by the aggressive bulls.
However, we could not afford to deem this as sharp call but an early alarm for aggressive bulls.
As stated earlier, if commodity & equity markets calm down, the AUD could move a lot higher in the lead-up to the Dec 16 FOMC decision.
We reckon if it breaks 0.7350 decisively then that would expose to new stage of . We come up with latest updates timely manner in our upcoming posts, so for recommendation for now is wait until better confirmation.
Hedging ideas: The Aussie importers who've USD payables can buy debit call spreads with net delta at 0.53. (1% long ITM call and short 2% OTM call with similar expiries).