Australia Markets closed

AUD/USD Strong Bearish Trend Should Have Another Rejection if POC is Reached

Nenad Kerkez

Dear Traders,

The AUD/USD strong bearish move after the RBA cut the rates should continue. As I warned many times, selling on rallies should continue.

0.6750-60 is the POC zone where we should see fresh sellers. I am watching the zone for another short trading opportunity. We can also spot an inner trend line that has been broken. A continuation below should target 0.6716 followed by 0.6697 and 0.6661. Only above 0.6802 the price might turn bullish. Selling the rallies should continue but have in mind that the pair is a bit slow, making only 47 pips daily on average.

The analysis has been done with the CAMMACD.MTF template.

For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.

Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

This article was originally posted on FX Empire

More From FXEMPIRE: