Australian Dollar Reversal Opportunity below Monday High
Prepared by Jamie Saettele, CMT
The AUDUSD has reversed (for now at least) from the 100% extension of the rally from 9861 (2 equal legs). The drop below Monday’s low triggered a bearish bias and price has rallied to meet resistance at 10480 (resistance zone extends to 10515). A bearish bias is valid against 10575 and bears should target 10350/85 (trendline support is in this zone Wednesday). Exceeding 10575 shifts focus to 10650.
Bottom Line – short against 10580, target 10350
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