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| Potential Short Trade On AUD/USD 4-Hour Chart @ 1.0700 Psychological Level |
AUD/USD is currently retracing back up to the 1.0700 psychological level. There is a confluence of the 200, 100 and 55 Simple Moving Averages around that level too. The level also coincides with the 61.8% Fibonacci Retracement Level too.
Overall, the Aussie has turned bearish after breaking strongly below a long term rising trend line (see the trend line is green in the chart above).
The plan is to watch the 1.0700 handle on the 1-hour chart, looking for some kind of reversal chart patterns or any sign of loss of upward momentum.
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