AUD/USD - Temporarily Bullish & Buy .6996 Dip. Stop .6972

Alan Collins 3cAnalysis

Yesterday's bearish call was confirmed with a move to our first downside target. But this point, a 50% correction to this year’s rise, did attract profit taking with AUDUSDD at oversold extremes. That bounce was not an extensive one though and AUDUSD closed with minimal net movement. The indecisive Doji pattern suggests potential for a more significant rally and Asia has already seen buyers on another dip below .7000. This leaves intraday sentiment mildly positive so this morning’s call is Cautiously & Temporarily Bullish from the open but leaving room to also buy a .6996 dip, Asia’s low. The risk is .6972 with upside targets of .7042, a 25% correction of this month’s decline, .7069, an intraday Marabuzo line and .7097, a broader 50% correction.

Selling Stalled

Author

Alan Collins

3cAnalysis

Alan has been involved in the financial markets for more than 30-years.

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