Daily reversal for AUDUSD signals temporary pullback
Improving sentiment since the middle of September has come from the key moving average rates but a loss of topside momentum on Thursday has ended a sequence of higher daily lows.
The US dollar is showing signs of strength following decent GDP numbers and signals for the AUDUSD have also reversed with this, and they are pointing to a temporary profit taking pullback.
Management and risk description
Allow room to sell the rally and lower stop to entry if the 1st target is met
Entry: Sell at market and 0.7664, Thursday's Marabuzo line.
Stop: 0.7690, yesterday's European high.
Target: 0.7581, the 13 day average rate and .7534, the September 21 base.
Time horizon: Today only.
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