The RSI was at multi-year highs and has turned down today. The Slow Stochastics have not confirmed the new highs, leaving a minor bearish divergence in its wake. As the Great Graphic posted above and created on Bloomberg shows, the MACDs are also poised to cross lower from elevated levels.
Aussie struggling with 0.80 area
Aussie managed to close above 0.80 threshold and new buying lifted it above yesterday's highs briefly in Asia earlier today. However, there is a growing sense that the market has gone too far, and the 4% decline in iron ore prices provided the fodder for the profit-taking that has now pushed the Aussie below yesterday's lows. Although the outside down day needs to be confirmed with a close below $0.7980, it is the kind of reversal pattern we have been anticipating.
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