AUD in strong near term downisde bias

While JPY is the worst performer this week so far, AUD is doing much better. Aussie is trading down versus all for the week except versus Dollar and Yen.

Looking at the Action Bias charts, note that 6H bias is all red downside in the last 9 bars of AUD/JPY. It’s clear that it’s in a near term downside momentum with solid momentum. The blue upside bars in hourly chart merely represents correction. And the decline is set to return after the correction completes.

Similarly, GBP/AUD had strong upside momentum after the range breakout as seen in 6H bias chart. The neutral bias in H bias chart mere indicates it’s in consolidation. The absence of red downside bar in H bias chart suggests that all consolidations were shallow and upside momentum has been strong.