AUD/USD Analysis 10/10/14

FX:AUDUSD   Australian Dollar / U.S. Dollar
205 0 1
Long term trend: Down
Medium term trend: Down
Significant Levels: 0.9000 (Significant Round Number), 0.8890 (Horizontal Resistance), 0.8680 (Horizontal Support)

This is the same chart as the previous analysis. The significant levels are the same except for the descending channel that previously formed and now broken.

Yesterday's bar made a long wick, rejecting the resistance level and formed a Large Bearish bar. The current sentiment is still down and we are still Short in this currency pair. It is a good opportunity to go Short now because of the rejection of the resistance. The price might go down and test again the support line, therefore, that would be a good area to place the Target Profit.

Trade well.
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