Looking at the AUDUSD which has been the RISK ON RISK OFF indicator for a good while now..
It looks like it is in the process of forming a BULL FLAG and very near resistance between 1.07 and 1.08. If it breaks out expect a test of the highs at 1.11, which should also coincide with an upside break out for equity indices especially US ones, which could be the EXHAUSTION RALLY before a sizeable correction (or dare I say it the TOP?)
As I speak S&P 500 looks to have broken the high at 1370 (cash 1373) and may encourage short covering and momentum players in the market (GOOD TIMING ..NOT!)
Technical analysis of Major Markets, F/X, and anything that can be traded This is my diary for trading Views expressed in this are only for educational purposes. They ARE NOT recommendations to BUY or SELL anything!! ALL comments and criticisms welcome.
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