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AUD/USD Holding Below 6945/50 Keeps Pressure On Bear Trend

Published 01/26/2016, 04:27 AM
Updated 07/09/2023, 06:31 AM

AUD/USD Chart

AUD/USD holding below today 6945/50 keeps the pressure on in the bear trend for 6920/15 then support at 6885/81 for profit taking on any remaining shorts. Just be aware that further losses target 6855/50 before last week's low at 6829/24.

We could actually hold above 4945/50 this morning despite the bear trend, being oversold short term. We should then target 6990/95 and perhaps as far as strong resistance at 7015/20. This again is the main challenge for bulls, try shorts with stops above 7050. A break above 7050 however is a short term buy signal and targets 7075/78. We should struggle here as we become overbought short term but further gains target 7102/04, perhaps as far as an excellent selling opportunity at 7130/35.

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