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AUDUSD Technical Analysis for December 29, 2015


The 4H chart view presented here might be indicating that the AUDUSD pair could retrace lower, at least towards mid 0.7100 levels, before rallying further. The pair is seen to be trading at 0.7266 levels for now after printing highs close to 0.7300 levels yesterday. A bearish reversal here could bring prices lower into 0.7150/70 levels, before rallying further. Immediate support is seen through 0.7050 levels while resistance is seen through 0.7330/40 levels and higher respectively. Looking into the wave structure here, the drop from sub .7400 levels through .7100 could be major down swing, which has been retraced to 0.7300 levels (fibonacci 0.618). The next probable movement could be on the lower side at least through .7250 levels. The RSI, which has reversed from 70 levels earlier, also favour bearish setup.

Trading recommendations:

Short now, stop at 0.7370, target 0.7250.

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