Short-term Trading Idea FX AUD/USD – Wait and See: Probable False Break in the Trend Line

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Trading opportunities for currency pair: taking Friday’s close price of the euro/dollar and pound/dollar into account, it’s highly likely the Australian underwent a false break in the trend line. The Chinese economy is weak and so the price of iron ore has been falling for over a year now. If the Aussie closes below 0.7190 on Monday or Tuesday, it means we will head back to 0.7020. Otherwise the AUD/USD will take the rate to 0.7420/36. This idea will become invalid if the daily candle closes above 0.7296.

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