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Aussy a case of consolidation highs?
Thursday, March 26, 2015 11:33
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Following Tuesday’s high wave candle and failure to close above the 0.7912 area we have had Aussy’ daily charts turn into a high wave candle opening the potential for further losses. From an even bigger picture we would note that we may be set to end the month as a higher high wave doji that is getting rejected from the 61.8 Fib of the rally from 2008. Essentially a signal that bulls are none to keen on going long. Economically it actually does not make sense for Australia to favor a stronger Aussy given the collapse in commodity demand. For now we suggest remaining focused for a sell on rallies play, particularly off the said 0.7912 area with the charts likely set to play a broad range of 0.7500 to 0.8000 in the next few weeks.
Source: http://www.fxinstructor.com/blog/aussy-a-case-of-consolidation-highs
