DAILY SPOT AUDUSD - oversold but still bearish
Bearish signals for the AUDUSD on the week and in each of the last 2 days have been confirmed, sentiment posting a 5th lower daily high in a row yesterday and for an initial loss of ½ Big Fig. The sell-off since September’s 27 month high may be corrective but with no sign yet that the deterioration is ending, but with intraday sentiment oversold, the outlook for Thursday is to sell just modestly on the open and then at .7848, today’s open in Asia with a stop loss at .7877, just above yesterday’s Marabuzo line. Targets are to .7807, last month’s low, .7786, the 10 week base and .7710.
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