Technicals - Eyes 0.7387 (38.2% R)
Long 0.7306 Target 0.7387 Stop 0.7260
- Aussie’s dip below the inverted head and shoulder neckline, if followed by a 4-hour close above neckline again could open doors for 0.7387 (38.2% R of 0.8163-0.6907).
On the other hand, a repeated failure to rise back above the neckline resistance would open doors for a sell-off to the support level of 0.7260.
The odds of an upside move to 0.7387 are high as the pair has recovered from lows to trade above 0.7305 (100% Fib expansion of Sep 7 low-Sep 18 high-Sep 29 low)
Long 0.7306 Target 0.7387 Stop 0.7260
Trade closed manually:
Profit booked at 0.7339