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[QUOTE="Coleen, post: 48290, member: 17766"] AUDUSD and NZDUSD I have cited pattern, momentum and sentiment as reasons to look for an AUDUSD reversal in recent weeks but it hasn’t happened so one must consider alternatives. Since June, each tradeable top has been marked by divergence with NZDUSD (NZDUSD exceeds a pivot high and AUDUSD does not). That happened again today and is in place as long as AUDUSD is below .9343. Markets correct extremes in sentiment and momentum (which go hand in hand) through a combination of time and price. Sometimes more price…sometimes more time. The AUDUSD has corrected almost exclusively through time. Consider that since May 1st, price has declined nearly 14 big figures (1383 pips) from high to low and the largest rally since then has been 340 pips (6/11-6/14). Similar rallies occurred from 5/29-6/3 (263 pips) and 7/12-7/17 (294 pips). Introduce time into the equation and the momentum extremes that were evident through June have moderated. 20 day rate of change is just -.23. [/QUOTE]
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