AUDUSD signals switch back to bearish
Despite AUDUSD sentiment posting five up-days in a row, Tuesday’s signals highlighted the potential for the rally to stall. This was the case as investors sold the market for sentiment to deteriorate by ¾ Big Fig on the day. There is no clear bearish reversal pattern though, as prices continue to oscillate around their moving averages. But there is a bearish bias as signals point to the recent corrective rally ending.
Management and risk description
Allow room to sell rally and lower stop to entry if the first target is met.
Entry: market and 0.7461, today's open in Asia.
Stop: 0.7500, Tuesday's Marabuzo line.
Target: 0.7332, last week's low and 0.7285, the three-week base.
Time horizon: today only.
— Edited by Gayle Bryant