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Saxo Bank head of equity strategy Peter Garnry has been calling for a turnover in surging macro data for some time, and with the economic surprise index at a 14-year high, it might be time for a correction.
Day trade
Trade view / 06 July 2016 at 6:01 GMT

AUDUSD signals switch back to bearish

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

Despite AUDUSD sentiment posting five up-days in a row, Tuesday’s signals highlighted the potential for the rally to stall. This was the case as investors sold the market for sentiment to deteriorate by ¾ Big Fig on the day. There is no clear bearish reversal pattern though, as prices continue to oscillate around their moving averages. But there is a bearish bias as signals point to the recent corrective rally ending.

Management and risk description

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


Entry: market and 0.7461, today's open in Asia.

Stop: 0.7500, Tuesday's Marabuzo line.

Target: 0.7332, last week's low and 0.7285, the three-week base.

Time horizon: today only.

AUDUSD Weekly - recovery to losses
AUDUSD Quarterly - 7 year lows
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

For more on forex click here

Non-independent investment research disclaimer applies. Read more
vyacheslav111 vyacheslav111
Hi ! Your opinion now ?
Steve Lucas Steve Lucas
didn't expect the move oscillating around 100 day average, so trend signals weak...My signals unclear, but maybe higher as trend of higher weekly lows remains intact


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