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AUDUSD – Aussie/dollar selling opportunity setting up
Given recent price action in the AUDUSD, we are initiating a short bias under 0.7611 handle, which is now a strong containment / resistance level for price. The longer-term view is showing major resistance overhead up near 0.7750 area, a level that has contained the market in recent months. The market has been grinding lower over the last month or so and continues to sell-off after each attempt at a rally. This week, prices have pierced the 0.7472 level (recent swing low) and the market remains bearish. From here, whilst price remains contained under 0.7611 resistance, we will look to be short-selling AUDUSD on any price strength with downside targets near 0.7420 – 0.7450 area. Be sure to follow the members daily trade setups ideas newsletter for potential trade ideas on AUDSUD as price action unfolds from here.
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