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CapMoore
Sep 4, 2015 5:09 AM

Bearish Trend is Intact. Levels to Watch Ahead of NFP 

Australian Dollar/Japanese YenFXCM

Description

The first target of previous short was reached overnight,
which was the Weekly S1. Since price is in a bearish trend
on higher timeframes, including the daily chart, Chances
are good that we will see a test of previous reaction low,
which was just shy of the Yearly S2 at 81,70,. This in confluence
with the Monthly S1, will create a strong support zone,
81,00-82,00.
Any bounce should be sold and a weekly close below Monthly
S1 will open up for a move towards Monthly S2 just above
76,00. The Median Line (red line) may also come into play
and act as support.
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