AUD/USD Sells Off From 7075/78 To 6998
Jason Sen | Jan 28, 2016 04:50AM ET
AUD/USD sold off from 7075/78 to 6998. We do have a bullish inverse head and shoulders pattern, but I thought yesterday would see a false break higher because we were overbought short term. This sell off may offer an excellent buying opportunity before a sustained break, perhaps next week. Below 7020/15 targets minor support at 7000/6999 then 6984/80, but the best support of the day is 6958/53. Hopefully we will hit this target for a buying opportunity with stops below 6925.
Holding above 7020/15 targets 7040/44. Above 7950 allows a retest of 7075/78. We need a close above 7950 for a confirmation breakout to target 7102/04, then very strong resistance at 7135/40 for a selling opportunity.
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