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Sep 11 - 01:55 PM

AUD/USD - Long Should Keep An Eye On This Topping Pattern

By Christopher Romano  —  Sep 11 - 11:40 AM
  • Sep. 10 daily inverted hammer & diverging RSI are warnings to longs

  • AUD/USD has been unable to close above the 10-DMA since Sep. 3

  • Those signs and a potential head & shoulder top should concern longs

  • Price action since Sep. 4 could be formation of right should of H&S top

  • Neckline sits near 0.7210, break of neckline bolsters bear signals

  • Monthly RSI diverged on recent high, implies bearish longer-term momentum

  • A correction in the March-September rally seems likely

  • For more click on FXBUZ





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Source:
Refinitiv IFR Research/Market Commentary

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