The Australian Dollar may be readying to turn lower against its US counterpart after prices put in a bearish Three Inside Down candlestick pattern. A daily close below 23.6% Fibonacci expansion at 0.7715 exposes the 38.2% level at 0.7632. Alternatively, a reversal above the 14.6% Fib at 0.7766 clears the way for a test of the 0.7813-18 area.
We will be taking a short position with a break of 0.76900 or conversely taking a long position with a break of 0.77760. Both will have a stop of approximately 85 Pips.
We will be taking a short position with a break of 0.76900 or conversely taking a long position with a break of 0.77760. Both will have a stop of approximately 85 Pips.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.