Selling AUD/USD at Moving Averages
AUD/USD has turned bearish and we decided to open a sell signal earlier
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Last updated: Wednesday, March 17, 2021
[[AUD/USD]] used to be the most bullish pair from March last year when the USD turned bearish, until the last week of February, climbing 24 cents from the bottom. But, it reversed down in the last week of February, as the long term decline in the USD stopped.
The price reversed back down after popping a few pips above 0.80, flushing out some weak stops above that big round level. The price fell nearly 400 pips but it retraced higher last week. We decided to take a sell position today, as the 50 SMA (yellow) which has turned into resistance pushed the price down. Now this pair is heading down, so we’re keeping this trade, targeting 30 pips.
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ABOUT THE AUTHOR
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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