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AUD/USD Weekly Signal- July 2, 2014

By: John Ursus

Timeframe: W1

Recommendation: Short Position

Entry Zone: 0.9480 – 0.9530

Take Profit Zone: 0.9000 – 0.9050

Stop Loss Zone: 0.9600 – 0.9630

The AUDUSD has rallied strongly since the middle of January. The rally took this currency pair from an intra-day low of 0.8659 to an intra-day high of 0.9504 where it currently trades. Now this currency pair is trading at a very strong 50.0 Fibonacci Retracement Fan where it is likely to face an increase in selling pressure.

Forex traders should be careful around current levels, but expect a correction back down to its 38.2 Fibonacci Retracement level. Any rallies higher from current levels should be taken as a good opportunity to enter new short positions. Upside potential is currently rather limited while downside potential is very attractive.

AUDUSD Signal 7214

John Ursus
About John Ursus
Professional trader and technical analyst with over one decade of experience. John believes that being a successful trader means you have to be in the minority and defy what is popular. Trading is an art form and not science and there are more myths about trading than there are successful traders.

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