TechnoMeter

Talking Points:

• AUD/USD Technical Strategy: Flat
• Aussie hits 8-month high but RSI divergence warns of downturn ahead
• Waiting for technical confirmation, passage of event risk to enter short

The Australian Dollar resumed the push upward against its US counterpart after brief one-day respite, rising to the strongest level in eight months. The emergence of negative RSI divergence warns of ebbing upside momentum however, hinting a turn lower may be brewing ahead



A reversal below the 76.4% Fibonacci expansion at 0.7438 sees the next layer of meaningful support in the 0.7375-82 area, marked by a recently broken double top and the 61.8% level. Alternatively, a break above the 100% Fib at 0.7540 on a daily closing basis opens the door for a test of the 123.6% expansion at 0.7642.

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