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Oct 15 - 08:55 AM

AUD/USD - Daily Chart Shows AUD/USD Bulls Are Likely Trapped

By Martin Miller  —  Oct 15 - 06:45 AM
  • AUD/USD on Monday broke but failed above the kijun line, currently at 0.6783

  • The kijun line is the midpoint of the last twenty-six trading days

  • That is a likely "bull-trap", which is usually a bearish sign

  • Bull trap: set when a market breaks above a tech level but then reverses

  • Despite the "bull trap", bears beware of continued trading above the cloud

  • The daily cloud currently spans the 0.6586-0.6690 region

  • AUD/USD Trader TGM2347. Previous update nL1N3LQ07H

Source:
Refinitiv IFR Research/Market Commentary

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