Interesting barriers ahead 0.8027 and I would short at retest for target 0.7890.
Over the weekend we discussed the bearish pin bar that had formed on the AUDUSD daily chart. Friday’s candlestick pattern left buyers on edge and signaled that a correction this week was likely. So far, the bearish formation hasn’t disappointed. The pair is down 80 pips from its 0.8054 open on Monday, leaving those who went short just below 0.8065 in the money. However, the pair is approaching a trend line that could become a factor over the next 24 hours. The ascending level that extends from the June 1st low provided support during the August 31st session which allowed buyers to make a second run at 0.8065. Similar to the EURUSD chart we ... (full story)