After a positive surprise for the market on Australian elections as Conservatives keep power via coalition and the polling companies have yet another shocker after predicting in the last 50 polls that Labour would come to power. This mild positive and the oversold nature of AUD led to a large short squeeze with AUD trading up 70 pips from Fridays lows.
We are looking to sell this short squeeze and look for a move back down to mid 68 area. This is confirmed by the formation of a on the candles, the oversold nature of Stochatics and failure to trade and hold above 50 ( ) on .
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