BabyPips.com FX-Men Team
BabyPips.com
AUD/USD: 4-hour
Check out this simple support play on AUD/USD! The Aussie has been eating the Greenback’s dust for days now, this time dropping below the closely-watched .7000 pyschological level. Not all hope is lost for the bulls though, as the .6950 area is still a pretty significant area of interest for the pair. In fact, the level has supported AUD/USD twice since August last year. Think the Aussie is about to catch a break from the dollar? A long trade at current levels could certainly get you a good reward-to-risk ratio if you aim for at least the .7150 area. I wouldn’t recommend buying though, at least not until the pair shows some momentum for a legit bounce higher. Still, this one’s an opportunity that bears watching closely!
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