Currency analyst

AUD/USD: Aussie came across a big bear

On the AUD/USD daily chart the break of the lower border of the rising trading channel was the first signal of change from the "bullish" trend to the "bearish" one. Traders should follow the strategy of selling on the rise until buyers manage to return to the quotes of the 0.762 level. The nearest far reaching resistance lies near the 0.751 level.

On the AUD/USD hourly chart senior and junior AD = CD patterns let us define the medium-term levels of downward movement. They are located near the marks of 0,7415-0,7425 and 0.734. The rebound from the 23.6%, 38.2% and 50% levels of the last downward wave is usually used for the opening of short positions.

Recommendations: SELL 0,751 TP1 0,742 TP2 0,734 SL 0,757

                               SELL 0,755 TP1 0,742 TP2 0,734 SL 0,762.  


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