AUD/USD: Overbought In An Enormous 1 Year Sideways Trend
Jason Sen | May 25, 2017 03:16AM ET
AUD/USD we wrote yesterday, try shorts on any bounce to 7500/10 with stops above 7535, but this is tricky as we have 200 and 100 day moving average resistances just above at 7530/35 and 7555. We are overbought in an enormous 1 year sideways trend so gains are likely to be limited but I have no way of knowing if we can reach 7555 of it the high this week at 7517 will hold for a small double top. Just be aware that a break higher targets only minor short term Fibonacci resistance at 7580/90.
First target on the downside for shorts is 7475/70 then important 2 week trend line and short term Fibonacci support at 7450/45. Longs need stops below 7425 to target 7390/85 and 7370/65.
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