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Jan 9, 2017 12:51 AM

Dark Cloud Cover at TL resistance Short

Australian Dollar/U.S. DollarFXCM

Description

The Aussie finished Friday lower, printing Dark Cloud Cover on back of stronger than expected annual wage growth in the US. Reversal candle occurred at falling wedge resistance / former support confluence and pair looks set to resume lower.

Initial support is the .7296 - .7283 hourly zone, with a break below there confirming the top and targeting the lows above .7150. A break above .7365 would invalidate the set up and shift focus to the Dec 14 high at .7525.
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