AUDUSD Weekly Technicals - the failure to break down
24 August 2014, 22:11
- “The combination of the .9400 figure and weekly RSI failing near 60
indicates a lot of overhead to punch through. Since the 2011 top, each
RSI failure near 60 has led to a top or topping process (range for
several weeks then a breakdown...that may be the case now).”
- The failure of AUDUSD to break down in the face of a broad USD advance
underscores bullish potential. Any reversal towards USD weakness could
facilitate the next leg in the bull trend that began at the January low.
.9200 needs to hold in order to look higher.
