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AUD Short Positions in Play

Discussion in 'Technical Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The Australian Dollar has been strongly bullish of late as the pair has benefitted from sentiment swings from both, a weaker FOMC outlook, and a stronger iron ore market. However, despite the stunning rally of the past 24 hours, the bears are marshalling their troops and could be preparing for a short side push. As the currency has continued to rise over the past few months a relatively strong channel has formed which has largely constrained its price action. Taking a look at the daily chart

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