Australian Dollar Pressing Against Resistance Line

[B]Commentary:[/B] There is not much to add regarding the AUDUSD. The pair is right at potential trendline resistance drawn off of the August 2006 and April 2007 highs.

This line and bearish divergence with RSI on the daily make getting bullish now a risky proposition. Getting bearish is difficult because there is no sign yet that the pair has reversed. We think that the best opportunity is to wait for a corrective decline to unfold before getting bullish for a run at a new high in a 5th wave.
[B]Strategy:[/B] Flat