I've just sold, 51.5 doesnt seem to want to break, at least there is no volume to even attempt it. XAO looks like profit takers are moving in too: market started on a high & got sold into, not much of a run for a 1.2% lead,
I was hoping it might spike through the 23.6 Fib & maybe it will yet, it just looks a bit toppy right now.
RSI on 10day hourly chart certainly has room for it to go to 54c, watch for the MACD to cross over on hourly, it will probably fall 3 or 4c quite quickly once it does.
My suspicion is we will form a falling wedge into the 40's over the next 2 weeks followed by a breakout to the upside.
Regards
F&B
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