Posted by: joetradingplace | January 24, 2013

Aussie Analysis

Aussie reacted to the zone as we expected, watch the false breakout of the upper TL and the pivot high. Also watch closely how price retested the pivot when it broke to the downside…a simple entry was on the retest, 1st target could be placed around 1.0510 and SL at breakeven. Price is more likely to bounce off to retest the upper TL of the wedge and then push back down towards the 1.0500 handle. Price has been to this level and now could probably break it for a move down. We have been talking bearish this pair since last Friday, lets see what happens. 

Before

aussie 22-01

After

aussie 22-01 after

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