AUD/USD Charts Potential Bearish Reference Following RBA Minutes

Russell Shor, CFTe, MFTA FXCM

The below is the daily chart of the AUDUSD. Overnight RBA Governor Lowe has said that the RBA does have an easing bias. This has resulted in an interesting technical chart. Yesterday’s candle is a bearish reference candle. I.e. a candle with a lower high to either side of it. If today’s price action closes below yesterday’s low (green horizontal) it will give weight to the bearish reference candle scenario. The RSI(9) is below 50 and indicative of an underlying bearish momentum. We continue to monitor.

Past performance is not an indicator of future results.

CHART SOURCE: FXCM MARKETSCOPE 2.0

Author

Russell Shor, CFTe, MFTA

FXCM

Russell Shor (MSTA, CFTe, MFTA) has an Honours Degree in Economics from the University of South Africa and holds the coveted Certified Financial Technician and Master of Financial Technical Analysis qualifications from the Interna

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