Australian Dollar RSI Negative Reversal Signal
Prepared by Jamie Saettele, CMT
After breaking through the channel that defines the decline from the August high, strength has been turned back by the early September support of 10480 (high was at 10500). It is possible that an important high is in place now-the decline from the top is impulsive (5 waves) and daily RSI has reached the upper limits of bear market territory (there is also a negative RSI reversal in which RSI is at a higher high and price a lower corresponding high).
Trend Strength (M,W,D) – (1), 0, 1
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