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The Asia-Pacific session saw investors step in to pull the Nikkei 225 index out of a week of declines in which it briefly breached the 22,000 level. EURUSD, meanwhile, continues to look robust despite a lack of support from other major dollar pairs.
Short term
Trade view / 18 July 2016 at 7:45 GMT

AUDUSD: End to higher daily lows signals temporary pullback

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: AUDUSD
Price target:
Market price:
Background

Last week’s signals continued to point higher, and these have been confirmed with sentiment posting a fourth higher weekly low in a row and an initial gain of just over one Big Fig. While prices are trading above their key moving averages, which is positive for sentiment, the rally has stalled on Friday from close to 0.7684, a 78% recovery to the entire April-May selloff. A sequence of higher daily lows has been ended, and signals are pointing to a temporary pullback this week.

Management and risk description

Allow room to sell an early rally and lower the stop to entry if the first target is met.

Parameters

Entry: market and 0.7632, Friday's open.

Stop: 0.7719, May's top.

Target: 0.7408, July's low, and 0.7322, the three-week base.

Time horizon: this week.

AUDUSD:

Source: CQG 

AUDUSD Weekly - rally stalls

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Source: CQG
AUDUSD Monthly - recovery to losses
Source: CQG 
AUDUSD Quarterly - 7 year lows
Source: CQG

— Edited by D. Deacon

Non-independent investment research disclaimer applies. Read more
1y
Steve Lucas Steve Lucas
taking some profit here and lowerring tyhe stop to this week's high at .7608.

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