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Trader-VincentH
Oct 24, 2017 3:23 PM

AUDUSD : Important Price Levels to Watch Short

Australian Dollar/U.S. DollarFXCM

Description

On weekly chart we can find there was a huge bullish crab near 0.7730, and price rebounded back to 0.7890, failed to climb up over 0.79 level, a lower high means the continuation of downtrend.

From price action and ICH perspective, I prefer short the pair and target see below labels:
0.7730 baseline level cofluence with D point of bullish
0.7626 127% fibo Ext confluence with SMA
0.7490 168% fibo Ext conflunece with D point of AB=CD pattern.

Also beware the inflation data to be released tmr.

Trade active

reached 0.7730, further downside.

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