After the most recent BREAKOUT ( conventional TA) and JUMP ACROSS THE CREEK ( Wyckoff Method), the Aussie $ had a nice run. Isn’t hindsight wonderful ?
What is happening now ? And what is likely to happen ?
At the current session looking at this XAD ( Australian $ Index Chart ) we have a confirmed short term bearish pivot point reversal signal on hand.
Interesting part of this is, where this pivot occurred. If one looks at the left hand side of the chart, the prior congestion area is obvious, where the Aussie $ had broken down after a re distribution mid. last year. This makes this bearish pivot more interesting.
Expectation after this short term development would be to see Aussie $ have a break in it’s late uptrend and correct. The correction may be either in the form of a pullback or flat. The duration 5 – 10 days from now. At least in theory.
Are the markets sensing a rate cut at the next RBA meeting ?
Let’s wait and see how things may unfold over the days ahead ?
The most significant chart pattern on this chart was the late breakout and still is.
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