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  • Risk on sentiment has buoyed AUD/USD, with the cross trading back above 0.7300 $AUDUSD
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The Trend of the Day - AUD/USD

The Trend of the Day - AUD/USD

Gregory McLeod, Currency Analyst

Is the Aussie Dollar Heading Down Under?

Dollar Bulls are salivating to sell this pair short!

Should you join them?

After 4 days of selling, AUD/USD uptrend has returned back to life to further confound the top pickers and dollar bulls. After reaching a multi-month high of .9404, Aussie dollar tumbled over 300 pips down to .9061 on Friday.
Many felt that the AUDUSD uptrend was over. However, the pair has staged a comeback with what appears to be a Morning Star candlestick formation. The Aussie could get back near its .9404 high over the next few days.
Keep in mind that the U.S. Thanksgiving holiday this week could usher in thin trading volumes and volatile price action, so be careful.

Join the discussion about this trade on my Trend of the Day  on the Daily FX Instructor Trading Tips


audusd totd 11.23.09

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.