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AUDUSD rejection making pair look bearish
The AUDUSD has rejected a major level of resistance today, following a strong week of upside in the pair. The breaking lower is likely to spell the beginning of a bearish move for the week. The daily chart shows a clear resistance around the 0.93395 and ascending green trend-line. Given the completion of the inverse head and shoulders projection at 0.95, I have been looking for signs of a possible reversal and this is slowly looking like it could happen. The past two occasions we have seen the stochastic oscillator reverse back towards the downside, it has brought a major sell-off and I believe this will happen ... (full story)