Sunday, February 9, 2014

AudUsd weekly outlook...10th-14th February, 2014

This pair has been in a down trend from October 2013, reversed to form a strong resistance at 0.9100
With a worse than expected non-farm payroll data released from US last week, I expext this pair to move to 0.9100 which was formed by a horizontal resistance line and a counter trendline.
I will expect price action bounce around this level before the bearish trend will continue
Conversely, if 0.9100 is broken to the upside, I will wait for a reversal price action signal to push to 0.9300
In the main time, I will make 0.9100 my trading point

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