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tomstewy
Feb 8, 2023 12:24 AM

Time To Drop The Aussie? Yeah nah yeah Short

Australian Dollar/U.S. DollarFXCM

Description

Alright the AUD has had a short bearish rally and stalled. Now retracing, we are faced with the question: Is this a new trend, or just a pullback in the bull market.

Bullish factors:
- Bounce from the 50D moving average
- Yesterday closed bullish
- RBA has addressed that further interest rate hikes will be needed

Bearish factors:
- Potential pricing in of future rate raises into the market already
- Recession, strong US jobs data
- 1H chart entered a bearish market
- broken double top neckline

Comment what you think!
I am going short here but we shall see what happens.....
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