– Strong daily down trend.
– Retested previous support as resistance last week and nothing to change the bearish view on the charts.
- Still see the chance of some post-QE profit taking and a squeeze back up above pre-news levels in the short term, but rather sell rallies.
– Still possibly putting in a bit of a bottom down in this support zone.
– Alternatively, sitting at channel resistance and this is what I’d favour in the downtrend we’re in.
- Sell weakness until it’s strength.
– Chart has fallen ridiculously
– All about the RBA on Tuesday.
- Take a punt on whether you think they’ll cut or not and what you think hasn’t been priced in around your view.
- My pre-RBA AUD/USD thoughts here.
Summing it up, How can you buy any of the majors when you look at those charts…? USD strength is all over the market and any technical weakness and every single pair is just punished relentlessly over and over.
Play it while it’s there.