Good morning traders,
Today we are looking at the AUDUSD
There appears to be a clear 1-4 wave structure.
Waves 1 and 3 are made up of a 5 wave structure, wave 2 and 4 are made up of a 3 wave corrective structure.
Bullish divergence on the 4 hour RSI,
The AUDUSD is re-testing a key trend line,
The RBA has previously signalled the economy could be facing a gentle turning point, the housing market and employment data has been positive recently.
Another positive result today, followed by an increase in CPI next week could reduce the chances of a FEB rate cut.
Check the DXY index, the index is also re-testing a key trend line, suggesting we could also see a weaker USD over the next couple of weeks.
Any thoughts or comments are welcome!
Today we are looking at the AUDUSD
There appears to be a clear 1-4 wave structure.
Waves 1 and 3 are made up of a 5 wave structure, wave 2 and 4 are made up of a 3 wave corrective structure.
Bullish divergence on the 4 hour RSI,
The AUDUSD is re-testing a key trend line,
The RBA has previously signalled the economy could be facing a gentle turning point, the housing market and employment data has been positive recently.
Another positive result today, followed by an increase in CPI next week could reduce the chances of a FEB rate cut.
Check the DXY index, the index is also re-testing a key trend line, suggesting we could also see a weaker USD over the next couple of weeks.
Any thoughts or comments are welcome!