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ArturoL
Dec 8, 2023 1:13 PM

Back down Short

Australian Dollar/U.S. DollarFXCM

Description

The chart is very clear. The pair is testing the broken support now resistance, it may try again but there is a lot of resistance above. I think is going to be rejected to the 0.64 support (blue line). Then will see what it does.

Trade closed manually

I took the loss, This is going up up up, is breaking out. I'll wait for a pull back to buy.

Comments
RLinda
Your words to the point that price could fall to 0.64 is more likely than a break of resistance.
The Aussie is now weaker than the dollar and will continue to weaken.
The currency pair may show further decline on the back of Strong NFP for the dollar
ArturoL
@RLinda, I agree, eventually is going down to the 0.63 zone. The 0.64 is a level to watch, the pair has bounced hard from that level before. It might try another test to the downtrend line from 0.64 support or keep ping ponging between both levels for a while.
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