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    AUD/USD: bearish sign on 4-hr chart in line with down-trend

       
    The aussie is in a concerted down-trend, which will probably continue lower, notwithstanding the inverted hammer candlestick posted yesterday – which is a mild reversal sign.

    Instead I am remaining bearish, since on the 4-hour chart, the pair has formed a shooting star in the sell zone between the 10 and 20 MA’s and this is likely to lead to a continuation lower if there is a break below the shooting stars lows at 0.7291. Such a move would probably lead to a continuation to a target at 0.7257.
    AUDUSD28final

       
    The aussie is in a concerted down-trend, which will probably continue lower, notwithstanding the inverted hammer candlestick posted yesterday – which is a mild reversal sign.

    Instead I am remaining bearish, since on the 4-hour chart, the pair has formed a shooting star in the sell zone between the 10 and 20 MA’s and this is likely to lead to a continuation lower if there is a break below the shooting stars lows at 0.7291. Such a move would probably lead to a continuation to a target at 0.7257.
    AUDUSD28final


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