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Forex Strategy: AUD/USD Open To Further Declines On Hanging Man

Forex Strategy: AUD/USD Open To Further Declines On Hanging Man

David de Ferranti, Currency Analyst

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Talking Points

  • AUD/USD Technical Strategy: Shorts preferred
  • 0.9085 mark remains key resistance level (see daily chart)
  • Hanging Man opens up further declines

The 0.9010 support level for the AUD/USD was broken by the bears in US trading overnight. This follows on from the formation of a Hanging Man candlestick pattern that hinted at some declines for the pair.

A bearish technical bias is retained in the absence of bullish reversal signal with a potential downside target offered by the 0.8890 mark.

Confirm your chart-based trade setups with the Technical Analyzer.

Forex_Strategy_-_AUDUSD_Open_To_Further_Declines_On_Hanging_Man_body_Picture_2.png, Forex Strategy: AUD/USD Open To Further Declines On Hanging Man

4 Hour Chart - Created Using FXCM Marketscope 2.0

Forex_Strategy_-_AUDUSD_Open_To_Further_Declines_On_Hanging_Man_body_Picture_1.png, Forex Strategy: AUD/USD Open To Further Declines On Hanging Man

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by David de Ferranti, Market Analyst, FXCM

Contact and follow David on Twitter: @Davidde

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