AUDUSD Short
Our pivot point stands at 0.6391.
Our preference:
the downside prevails as long as 0.6391 is resistance.
Alternative scenario:
the upside breakout of 0.6391, would call for 0.6434 and 0.6460.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.6391 and 0.6404).
Our preference:
the downside prevails as long as 0.6391 is resistance.
Alternative scenario:
the upside breakout of 0.6391, would call for 0.6434 and 0.6460.
Comment:
the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 0.6391 and 0.6404).
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