Agreed. Since this article the price action has reached 1.0347 and held with the 1 hr RSI now in overbought territory and price around 1.0340. Looks like a lack of volume in the quiet Asian session is preventing a more decent challenge to 1.0350 (so far) so the London session will be interesting.
AUD/USD – Recent Corrections Have been Under 100 Pips
Falling channel: Since late January, the AUD/USD has been in a falling channel seen in the 4H chart. The RSI shows a bearish momentum as it tags 30 and has held under 60. Also, the moving averages are in bearish alignment with higher periods above the lower ones. Today (2/12) we saw a pullback from a new 2013 low. As this rally develops, I wanted to take a look at what the strongest pullbacks have been since the market has been falling from the 1.06 handle. It turns out that the strongest pullbacks have been 90+, and under 100 pips. Today’s pullback has been about 95 pips so far. Will this pattern repeat? Scenarios: As a trader, you should ... (full story)
- Posted: Feb 12, 2013 8:17pm
- Submitted by:Category: Technical AnalysisComments: 2 / Views: 1,374