Today’s post is extremely short as I’ve been having tech issues throughout the day.
Tuesday’s Aussie spike on ‘news’ (RBA) has top written all over it. Price spiked into and reversed from a well-defined level (61.8% retrace of the decline from the 2021 high and former support) following RBA. Perhaps we’ll finally get the pullback into the top side of former trendline resistance (blue line), which is near .7375 now.
3/31 – AUDUSD has been churning sideways for the last week in what I still think is a short term top. I remain of the view that the larger trend is higher and that a pullback, probably into .7375 or so (top side of the 2021 trendline), will offer a splendid opportunity to position on the long side.
USDCAD nailed the median line (described last week) again today and price formed a daily doji. The combination of the doji and level (median line) is perfect for at least an interim low. I’m looking towards 1.2620s resistance. The intraday chart below shows an impulsive advance so trading focus is on buying a pullback.
3/30 – I still favor selling USDCAD into the underside of the broken trendline (red line). That line is about 1.2625 now. Maybe we finally get a bounce to do just that since price tested the median line from a new structure today.