The bears are prepared to take advantage of any upward movement in #AUDUSD at 0.67790 and are aiming to break the 0.6750 level.
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- AUD/USD bears are ready to pounce on rallies and eye a break of 0.6750.
Ahead of next week’s FOMC meeting, US stocks retreated, and this took the Aussie for a ride to the downside as well a the US dollar scrambled higher across the board.
The following illustrates the market structure and the prospect of a downside continuation:
The market has been giving two-way business and what we might see now is a downside continuation as follows:
The bears are lurking to fade rallies in the internal and external target areas. A downside target of 0.6750 is eyed that guards low-hanging fruit, LHF, below.
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