AUDUSD Daily Forecast For August 17, 2017
Jason Sen | Aug 17, 2017 09:19AM ET
AUDUSD low for the 3 week correction was seen exactly at first support at 7805/00 as expected. We hit the target & strong resistance at 7890/7900 for profit taking on longs. However shorts have been stopped above 7925 with the break higher to target minor resistance at 7955/59 & minor resistance again at 7997/8000. Above here allows a recovery to towards the July high at 8065.
First support at 7900/7890 could now hold the downside with the correction over. However longs need stops below 7875. An unexpected break lower risks a slide to a buying opportunity at 7805/00.
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