AUDUSD: Technical Positioning Points to Double Top

A double top may be in place, with AUDUSD showing an Advance Block bearish reversal candlestick pattern below resistance at 0.9334. Dramatic negative RSI divergence bolsters a bias favoring the downside. That said, the Australian Dollar has shown undeniable bullish momentum over recent months and we see it as prudent to seek final confirmation on a daily close below the rising trend line established from the March lows (now at 0.9031) before entering short.


Written by