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Jan 04 - 01:55 PM

AUD/USD - Selling Rallies Continues To Work

By Christopher Romano  —  Jan 04 - 12:15 PM
  • AUD/USD rallied above the 21-DMA and struck 0.6760 on D3, it then fell

  • The pair turned lower on the session and hit a 13-session low of 0.6699

  • A daily inverted hammer candle formed and daily RSI turned down again

  • Monthly RSI fell further to reinforce downward momentum signals

  • Selling AUD/USD rallies has been a successful strategy since late December

  • A break of the 0.6690/0.6700 zone may trigger additional selling

  • AUD/USD shorts are then likely to target the converging 200- & 55-DMAs

  • For more click on FXBUZ

Source:
Refinitiv IFR Research/Market Commentary

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