The AUDUSD has been preparing for a rally to the upside but bigger picture is showing that the pair shorts might come soon. As we know AUDUSD is hard commodity currency and is linked heavily to copper, bauxite, iron ore, gold, uranium, nickel and lead. Last night, during Asia session iron ore, copper and gold went up and spiked AUDUSD higher. Nevertheless, the pair is still in a downtrend and H3, 61.8, historical sellers are constituting POC zone 0.7200-10. If the pair rallies up, the POC could reject it towards the confluence target (L3,X cross) 0.7155. If the pair gets momentum below 0.7155 it should proceed towards 0.7130 and below 0.7090. 0.7155-50 is the first important support zone and if rejection happens we should observe the reaction in the zone.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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