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Although most of the traders in the Forex Analytix community have turned bearish on the AUD/USD over the last week, it's important to talk about "why" that is technically and show you where we are wrong.
First of all, the AUD/USD stalled at the horizontal resistance (highs) from early August 2022. Also, the long-term 61.8% Fibonacci retracement from the April 2022 highs to October 2022 lows came in just below the .7100 level.
We knew this would be a strong pivot, and now that we closed below the near-term ascending trend line, a move back below .7000 is warranted. Only back above the .7150 turns the pair bullish again.
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The EUR/USD sold off after testing the February 2nd low. February 2nd was a stop entry sell, and bulls got trapped buying the bear’s low. This meant that both bulls and bears...
The Japanese yen broke below the symbolic 130 line earlier in the day, for the first time since February 3rd. In the North American session, USD/JPY is trading at 130.17, down...
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