The Australian dollar has been weak since markets opened this week. Trade with our Forex signal here:
I wrote last Tuesday that the technical picture was basically weakly bearish. I thought that if the price got established below 0.7177 it would probably fall to 0.7150 at least. I also thought that long trade from a bullish bounce t 0.7123 if reached would look attractive.
I was wrong on both counts: bulls in the end made another higher low and pushed the price up past even the resistance level at 0.7223 which initially held for a couple of hours., as after rising quite strongly over the past week to exceed even the round number at 0.7300, the price has fallen again and is encountering similar pivotal support and resistance levels, most notably the old resistance level at 0.7223a symmetrical bearish head and shoulders pattern, with the lower neckline boundary at about 0.7196A bullish breakout above 0.7223A bearish breakdown below approximately 0.
There is nothing of high importance scheduled today concerning either the AUD or the USD. It is a public holiday today in the USA.
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