Wednesday, April 17, 2013

AUDUSD Price Action: Closing Price Reversal Trade Setup, April 17, 2013.

AUDUSD nose dived after hitting Key Resistance at about 1.0580, racing past Support at 1.0365 and now closing below another support at 1.0300. It does appear that the bears are still very much in control therefore price should approach the next support around 1.0220 in the coming days. The Closing Price Reversal price Action Trade Setup also is in support of more bears.

My Recommendation: Sell pair with stops above the Closing price Reversal candle.

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