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AUD/USD Classical 13/10/2010
Written by article default Wednesday, 13 October 2010 08:15
AUD/USD: Now that the market has finally taken out its previous post-float highs by 0.9850, daily studies are in the process of rolling over from overbought. While the trend still remains intensely bullish at present, we like the idea of fading strength at current levels, with longer-term cyclical studies also warning of a major top. Shorter-term, the latest rejection above 0.9900 is encouraging for our bearish outlook, and we look for a close back below 0.9710 to confirm and accelerate declines.
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