AUD/USD: Overbought On The Bear Trend
Jason Sen | Sep 17, 2015 01:32AM ET
AUDUSD holding our selling opportunity at 7190/95 as I write. Exit any remaining longs and try shorts with stops at 7220. A good chance of a high for the upside correction here. However be ready to buy an unexpected break above 7215 as this keeps bulls in control to target 7232/33 then 7248/50.
We are getting overbought in the bear trend so failure to beat strong resistance at 7190/95 triggers profit taking to 7180/77 then 7160/58. This could hold the downside, initially at least, but if we continue lower look for 7145 then good support at 7135/31. A good chance of a low for the day but be careful buying longs today. A break lower not out of the question and targets 7110 then good support again at 7090/86. At this stage we could be oversold short term so a bounce from here likely.
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