Let´s discuss everything Aussie, Kiwi and Loonie here!
We´re at the top of the ascending channel and price has been consolidating there for a while, wich is also a strong fibonacci retracement level. RSI has tested the 70 level as resistance twice already. This is a strong channel that started early in July.
I see 2 possible scenarios here.
1- Price breaks out. I´ll be looking to go long here above 1.0600 at the retest of the trendline as support.
2- Price bounces. I´ll be lloking to go short below 1.0500 and will be looking for my RSI to bounce off 70 and cross to the bear teritorry
Even though we are clrearly in a bull market, I´m inclining for scneario 2. We have some bearish divergence there.
We will just have to wait and see right guys?