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AUDUSD Takes a Dive but Trend is Sideways For Now

AUDUSD Takes a Dive but Trend is Sideways For Now

Jamie Saettele, CMT, Sr. Technical Strategist

240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Takes a Dive but Trend is Sideways For Now

Prepared by Jamie Saettele, CMT

I want to be bearish but at the moment my bearishness is driven more by fear of missing a move than sound reasoning. So yes, the RBA cut by 50 and the AUDUSD fell for an hour and then did nothing for the rest of the day. If the AUDUSD can fall a bit more to complete 5 waves down from 10473 then I’d turn bearish on a pullback. RSI slipping below 30 (240 minute chart) would be even better. RSI has scaled to a bull market since 4/8 (support has come in before 30 and the indicator has exceeded 70…notice the bearish RSI action prior to 4/8).

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