AUSUSD poised to retest December's Low

Gary Yang Myfxplaybook

After breaking out of the 300 pips range (red box) in Mid Nov 2016, AUSUSD Bull attempted to make its way back to the red box and failed. Last Friday's (6 Jan 17) bearish close, (largely due to USD’s strength), potentially forming a lower low, could be an indication that AUSUSD bear is not done yet and would be making another attempt towards 0.7175 – 0.7152 region (Lowest green dotted zone) to potentially form a triple bottom. A strong close above 0.7384 (upper green dotted zone) would invalidate this set-up.

Author

Gary Yang

Myfxplaybook

Gary is active in the financial markets since 2008, turned full-time trader in 2012, specializing in the International Foreign Exchange Market.

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