Is something finally going to go the Aussie's way?!?

The aussie is looking interesting and had quite the pullback in the long term daily chart.  But looks to me like we'll be running into some heavy traffic around the .8700 level and see some buying interest back into the market.  This might stem from both the Elliotticians getting excited about the 38.2% retracement being met combined with the fact that we've slipped nicely back into range seen pre and post financial crisis.

Medium term still has the green light firmly on for the bears and should be very encouraged by the recent price action.  Even the break out of the very strong down trend couldn't squeeze people out and the break below the double bottom at .9050 has confirmed this.  MACD has recently crossed down again the the RSI hasn't yet ventured into the oversold territory.  There might be a retesting of the .9050/.9100 area but this should be seen as another selling opportunity for now.

If the market has a recovery and trades back up to the .9250/.9300 my view could start to change and we could have a rally back up to the .9600. Might be worth having a stop reverse and going long on a break above .9300 given the number of suspected shorts out there.


Charts sourced from IG Index