AUD/USD in Trend Reversal Phase, get ready for Big Sell 450+Pips
AUD/USD is currently in a trend reversal phase. Traders get ready to for a big sell soon. AUD/USD has been unable to break the resistance area.
After a strong rally for almost 3 months, it is quite natural that the buyers are stepping away and taking profit.
I am expecting the big bears to step in soon and accelerate the downtrend. Sell Trades between 0.6930-0.7050 with first target at 0.67 is a good idea. Although I expect a deeper drop towards 0.65 in the next few weeks. Stop losses can be placed above the Resistance.
After a strong rally for almost 3 months, it is quite natural that the buyers are stepping away and taking profit.
I am expecting the big bears to step in soon and accelerate the downtrend. Sell Trades between 0.6930-0.7050 with first target at 0.67 is a good idea. Although I expect a deeper drop towards 0.65 in the next few weeks. Stop losses can be placed above the Resistance.
Comment:
It dropped below 0.69
