AUDUSD Counter-Trend Impulsive Move Suggests Likely Trend Change
The RBA just announced they will no longer reduce rates, taking a more hawkish stance. This caused the Aussie to jump 2% with its largest daily gain since June last year.
Considering there was a record number of shorts, I'm guessing we are seeing some massive short covering. Any pushes higher will likely = more capitulation from the shorts.
The 1hr pre-breakout price action squeeze and 20ema carry suggest a new floor is in place short term around 8936. I'll look for intra-day buy signals here, targeting 8996 and 9039.
Considering there was a record number of shorts, I'm guessing we are seeing some massive short covering. Any pushes higher will likely = more capitulation from the shorts.
The 1hr pre-breakout price action squeeze and 20ema carry suggest a new floor is in place short term around 8936. I'll look for intra-day buy signals here, targeting 8996 and 9039.