Monday, July 19, 2010

Bearish Confirmed for Aussie (2010-07-19 AUD analysis)



Aussie is confirmed breaking the cyan pitchfork and just breaks the first horizontal resistance of 0.8659. As we can see, the price now moves within the violet pitchfork. Next support would be at 0.859. Together with MACD and EMA heading downwards, I would anticipate a plunge in AUD and a test on the next support. If the bearish continues, the second support would be at 0.849.

Disclaimer: Short AUD at 0.8654. Stop at 0.8697, Limit at 0.8564. 2:1 Risk-Reward ratio.

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