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CityIndex
Oct 10, 2023 10:51 PM

AUD/USD rises for fifth day (but resistance looms) Short

AUSTRALIAN DOLLAR / U.S. DOLLARICE

Description

The Aussie has risen for a fifth day, but it is worth noting that minor rallies tend to peter out around the 5-6 day mark. Price action on the 1-hour chart also suggests the rally could be corrective, against its drop from 65c-63c.

Given a bearish RSI divergence is forming on the 1-hour RSI (14) and the 50-day EMA resides around the weekly R1 pivot, we're looking for evidence of a swing high and for momentum to turn lower.

Trade closed: target reached

Comments
politrikz
thanks
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