In continuation from prior post; R Squared on 52 week period setting is telling us the down trend is weakening, NOT strengthening, at least on this 52 setting. Linear Slope slightly positive. My feeling is the pair is highly oversold. Speculators have taken hold of the bearish sentiment with everyone expecting the RBA to announce a rate cut as a given. The market bears will be caught on the wrong side if this does not take place with their upcoming rate statement this week. RBA could hold rates unchanged which I see as proving bullish for this pair Targets in place if this holds true.
