Instrument: AUDUSD
Technical Analysis
Bullish Preference:
Buy position is envisaged if price trades above 0.70646 with take profit at 0.70659.
Bearish Preference:
Sell position is envisaged if price trades below 0.70200 with take profit at 0.70027.
Fundamentals:
No major fundamental
Comment: During Friday’s the daily RSI on AUD/USD cracked through 20, a rare occurrence, which highlights just how extreme the move on the downside has been for the pair. When looking at the RSI, I tend to focus on the indicator when it is at extremes or divergences occurs, not simply when the indicator crosses 30 or 70.
Analysis: SCRUM Team