Normal
Whats the AUD up to....If we needed a reminder that expectations of Fed policy via bonds and the US dollar remains a key driver for AUD/USD, it is clearly visible on the daily chart. AUD/USD recouped most of Wednesday’s losses as a slew of weaker US economic data drove the US dollar lower, the benefit of AUD/USD. Friday’s bullish close confirms a 3-bar bullish reversal pattern called a morning star formation. At the beginning of the week, my preferred option is to seek bullish reversal patterns on intraday timeframes if prices retrace within Friday’s range. Yet I do not yet see this as a significant low, and doubt this will rally to 66c. So if this does indeed bounce, I will then be on the lookout evidence of a swing high and for momentum to then turn lower.[ATTACH=full]172094[/ATTACH]
Whats the AUD up to....
If we needed a reminder that expectations of Fed policy via bonds and the US dollar remains a key driver for AUD/USD, it is clearly visible on the daily chart. AUD/USD recouped most of Wednesday’s losses as a slew of weaker US economic data drove the US dollar lower, the benefit of AUD/USD.
Friday’s bullish close confirms a 3-bar bullish reversal pattern called a morning star formation. At the beginning of the week, my preferred option is to seek bullish reversal patterns on intraday timeframes if prices retrace within Friday’s range. Yet I do not yet see this as a significant low, and doubt this will rally to 66c. So if this does indeed bounce, I will then be on the lookout evidence of a swing high and for momentum to then turn lower.
[ATTACH=full]172094[/ATTACH]
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