AUD/USD Is Bearish In The Short Term

AUD/USD had been outperforming other currency pairs a few months back when RBA intervened in an attempt to weaken AUD. In the short term, AUD/USD appears to be bearish due to the growing expectation in the market that RBA is all set to cut the interest rates. The AUD is developing a long-term uptrend breakout pattern, but the breakout is not developing at this time. The weekly chart shows the classic Guppy Multiple Moving Average (GMMA) trend change breakout pattern. This starts with a test of the lower edge of the long-term group of averages in the GMMA Indicator. The breakout pattern is flowed by a retest of the upper edge of the long-term GMMA and completed with a breakout above the upper edge of the long-term GMMA. This signals the start of a new uptrend. Always keep the eye on the fundamentals. This is what drives the technicals.

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