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AUDUSD Tantalizes Bears

AUDUSD Tantalizes Bears

2012-05-02 18:26:00
Jamie Saettele, CMT, Sr. Technical Strategist
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240 Minute Bars

eliottWaves_aud-usd_body_audusd.png, AUDUSD Tantalizes Bears

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.

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