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 AUD/USD: bears are still in charge

AUD/USD: bears are still in charge

Information is not investment advice

Last week we recommended selling AUD/USD as it reached the resistance of the long-term downtrend. The indeed turned out to be correct. The pair formed a “double top” pattern at the resistance line that has been in place since the start of 2018. As bears make it pierce more levels on the downside, we get the new sell target - 0.6900. If the comments of the Fed’s chair Powell are less dovish this week, there will be potential for the further decline to 0.6830 (June low). 

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Levels to trade AUD/JPY

AUD/JPY has been recovering from the 74.00 area since the start of January, but met resistance in the 76.00 area.

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USD/CHF may rise a bit

USD/CHF formed a “hammer” candlestick on the D1. The most recent price low wasn’t confirmed by the Awesome Oscillator on this timeframe.

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