FX:AUDUSD   Australian Dollar / U.S. Dollar
Morning traders,

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 hanging man on the candles, the oversold nature of Stochatics and failure to trade and hold above 50 ( bullish ) on RSI .

As always we try to keep our analysis clean and easy for anyone to be able to follow but should you want to learn more then please do get in touch.

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Good luck trading

from the Team at forexTrdr

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Trade closed: target reached
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