Aussie’s sharp retreat from 0.77 handle following multiple candles with larger upper shadows when viewed with an overbought money flow index suggests the bird is in for at least a short-term trend reversal.
Also note the failure to hold above 0.7676 (161.8% Fib expansion).
Thus, a bearish break below rising trend line looks likely, in which case the pair could head lower to 0.74 handle.
The bearish view is at risk of day end close above 0.7760.
Also note the failure to hold above 0.7676 (161.8% Fib expansion).
Thus, a bearish break below rising trend line looks likely, in which case the pair could head lower to 0.74 handle.
The bearish view is at risk of day end close above 0.7760.
