The V-bottom on AUD/USD certainly delivered for bulls, considering its low was printed amid a flurry of panicked headlines with the Aussie was on the brink of falling below 59c. But we're yet to see a pullback, even though it has been teasing one for a few weeks.
But given AUD/USD formed its most bearish day since April 4 on Wednesday, with a bearish engulfing candle which saw a false break of 65c before closing beneath its 200-day SMA, perhaps a pullback is imminent.
Also note the bearish divergence on the RSI (2).
Bears could seek to fade into moves towards the 200-day SMA, and retain a bearish bias while prices remain beneath Wednesday's high. A retest of the April VPOC at 0.6371 seems feasible, and a break beneath the 0.6344 low assumes a much larger correction is underway.
Matt Simpson, Market Analyst at City Index and Forex.com
But given AUD/USD formed its most bearish day since April 4 on Wednesday, with a bearish engulfing candle which saw a false break of 65c before closing beneath its 200-day SMA, perhaps a pullback is imminent.
Also note the bearish divergence on the RSI (2).
Bears could seek to fade into moves towards the 200-day SMA, and retain a bearish bias while prices remain beneath Wednesday's high. A retest of the April VPOC at 0.6371 seems feasible, and a break beneath the 0.6344 low assumes a much larger correction is underway.
Matt Simpson, Market Analyst at City Index and Forex.com
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.