AUD/USD’s EMAs Remain in Bearish Stack On Weekly Timeframe
The below is the weekly chart of the AUDUSD. The weekly EMAs are in a bearish stack. I.e. the green 5-week EMA is below the orange 13-week EMA, and the orange 13-week EMA is below the black 34-week EMA. The RSI(9) is also below 50 and indicative of an underlying bearish momentum (blue rectangle). Last week’s candle is a spinning top and this week’s candlestick (still to complete) is an inside candle. Both of these are indications of uncertainty i.e. neither the bulls nor the bears have shown outright control. Given the bearish formation of the EMA this may be a precursor to further downwards pressure as the bulls and bears battle it out for dominance. We continue to monitor.
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