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AUD/USD is downside biased

The pair has been trying to hold above 0.77$ many times but keeps failing except for only one which was reversed totally after unemployment report was released .

Technical analysis for the pair ; it is still supported by the trendline coming from multi year low at 0.68$ passing by 0.7150$ and 0.74$ .

A break below the trendline probably sitting now at 0.7560$ will accelerate its slide towards 0.73$ area.

So we might enter short position at current market level 0.7610$ as the pair is facing resistance on 1h chart with 200 moving average lying at 0.7620$ area.

Stop loss will be on hourly close above 0.7645$...

Follow me twitter for updates on this trade and other trading ideas...
my twitter handle is : @boriology

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