AUD/USD has been in a bearish trend since 10th April. There have been three legs to the down trend and RSI is showing signs of divergence.
Price has began to line up with the RSI and started to move against the trend by breaking the local range.
The hourly chart shows a big bullish candle at 7am oil 17th April.
I expect there to be some follow through from this big candle because Inflation is proving to be sticky for NZ and this is helping prop up the Aussie value with expectations of rate cuts in the region being pushed back.
Price has began to line up with the RSI and started to move against the trend by breaking the local range.
The hourly chart shows a big bullish candle at 7am oil 17th April.
I expect there to be some follow through from this big candle because Inflation is proving to be sticky for NZ and this is helping prop up the Aussie value with expectations of rate cuts in the region being pushed back.