AUDUSD Tantalizes Bears
240 Minute Bars
Prepared by Jamie Saettele, CMT
I wrote yesterday that “I want to be bearish but at the moment my bearishness is driven more by fear of missing a move than sound reasoning…If the AUDUSD can fall a bit more to complete 5 waves down from 10473 then I’d turn bearish on a pullback.” The AUDUSD has extended but the decline isn’t clearly impulsive. Regardless, expect a bounce into 10380/10405. 240 minute RSI action does remain bullish (RSI failure before/at 60 would suggest that the trend is down). RBA statement on monetary policy is Thursday night.