Waves are sometimes better seen in a candle stick chart. Although AUDUSD
has yet to exceed its April
high, momentum divergence is present as AUDUSD
did make a new closing high. I give more weight to divergence when RSI
is below 70 (below 60 is even better), which is the case now.
.9362 is estimated support in AUDUSD
. Failure to hold that level would put the near term constructive view in doubt.
*RSI isn’t on this chart but the commentary remains valid.