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    AUD/USD: short-term recovery amidst bearish signs

       
    The pair has resumed its broader bear trend by forming a v.short-term down-trend on the 4-hr chart with two lower lows and two lower highs. On the weekly chart it also formed a bearish-looking shooting-star last week.

    Instead of falling, however, it has defied these signs and moved higher over the last few days, nevertheless a break below the 5th May 0.7787 lows would probably confirm a resumption of peak and trough lower, towards the next natural target at the S1 monthly pivot at 0.7600.

    Alternatively a break above the weekly shooting star candlestick’s highs at 0.8074 would see bear resistance capitulate and a swift covering move higher up to the next target just below the R1 monthly pivot at 0.8140.
    AUDUSD07

       
    The pair has resumed its broader bear trend by forming a v.short-term down-trend on the 4-hr chart with two lower lows and two lower highs. On the weekly chart it also formed a bearish-looking shooting-star last week.

    Instead of falling, however, it has defied these signs and moved higher over the last few days, nevertheless a break below the 5th May 0.7787 lows would probably confirm a resumption of peak and trough lower, towards the next natural target at the S1 monthly pivot at 0.7600.

    Alternatively a break above the weekly shooting star candlestick’s highs at 0.8074 would see bear resistance capitulate and a swift covering move higher up to the next target just below the R1 monthly pivot at 0.8140.
    AUDUSD07


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