There is always a price for promises you don't keep!
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AUD/USD – Pullback Being Faded Back Below 1.06
We looked at a possible trade plan to fade a pullback in the AUD/USD and this pullback did materialize in the 3/8 Asian-European session, but stalled entering the US session. The pullback came up to 1.0660 (50% retracement of the 1.0816-1.0507 swing). Throughout the morning risk events that included the BoE, ECB, and BOC interest rate meetings, the AUD/USD fell, sliding back below the 1.06 pivot. The 4H chart shows that the rejection came in an engulfing-candle fashion, suggesting a respect of the broken topping pattern, as well as a broken rising trendline. The 1.0510 area could be seen as the first target (lows ... (full story)