1/ The AUD/USD has just tested the Resistance of 200 day's Moving Average Line which is also the 61.8% Fibo's Retracement. 0.7100 was a previous support position and became a resistance since it had been broken on Jan 6.
2/ The MACD gives a over-buying value on 4hour's chart.
2/ Suggest try short it at current price: Open 0.70825 Stop 0.715 TP 0.694 Risk/Reward Ratio:2.09
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Although the price is still restricted by 200 day's MA and 61.8% Fibo Retracement, it still couldn't break the first challenging support of 0.704 which is also the 76.4% Fibo Retracement. Keep an eye on it.
0.71058(61.8%) is the point for the price to reach 0.7200, and the 0.704(76.4%) is a door to 0.6935.(100%)
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Finally broke the first support and heading to first target.
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JamesZhang
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Finally broke the first support and heading to first target.
Piet.Hein
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Very good strategy, good luck :)
JamesZhang
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Thanks, Piet.Hen.
JamesZhang
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Sorry for not typing your name correctly.
Piet.Hein !