Bearish Reversal on AUDUSD Suggests More Downside to Come – 3rd to 4th May 2016
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Trade Setups / Chart in Focus:
AUDUSD – Aussie/dollar bearish reversal could signal more losses
The AUDUSD put in a huge reversal today after the RBA cut interest rates. This market is now looking quite bearish and we are happy to be a seller on rallies in the coming days. We can see near-term resistance up at yesterday’s high and whilst price is contained under that level we see any strength as a potential selling opportunity. If price breaks down through 0.7490 there could be even more downside movement in store.
Gold – Still looking to buy Gold from support
Gold has thrown in some bearish tailed bars the last couple of days that could set off a downside retrace, and that would provide a nice opportunity to buy this market, in-line with our views from the weekly commentary this week. We still see the support zone near 1260.00 – 1250.00 as a solid near-term area to look to be a buyer of Gold from should price fall down to near that support zone and form a 1 hour, 4 hour or daily chart price action buy signal. If any buying opportunties form we will notify members in the daily trade setups commentary.
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