AUD/USD: Possible Short Entry
Martin Janson | Nov 23, 2016 07:03AM ET
AUD/USD Daily
The rate has made a pullback after the massive last week drop and is now testing the former broken 4-month range support as the new resistance.
Similarly as with my NZD/USD trade idea, I took a small short position on the initial 2016 uptrend break and I am now looking to scale in this position. A strong rejection lower from the resistance area (0.7420-0.7450) may work as an opportunity for some short positions, however, I am also open to a possibility the rate retraces higher to test the 3-year-long falling trendline resistance (the last test came as a false breakout which was followed by a 450 pip drop).
Weekly close above 0.7770 level would turn me bullish on the pair.
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