Aussie Breakdown Offers Selling Opportunities

5 Feb

AUDUSD – Forex trading crowds have bought aggressively into Australian Dollar weakness, and a contrarian view of crowd sentiment leaves us in favor of further declines. A close below key congestion support at $1.04 would serve as confirmation of a major break lower.

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We may need to see a substantive break lower to get aggressively short AUDUSD.

Source: dailyfx

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