AUDUSD Consolidates Above Daily Cloud Top, Near-Term Outlook Remains Negative

Discussion in 'Technical Analysis' started by Kaitlin, Aug 29, 2016.

  1. Kaitlin

    Kaitlin Forum Member

    Aug 29, 2015
    Likes Received:
    Strong bearish close on Friday generated bearish signal for today's extension below Friday's low at 0.7548 (also Fibo 61.8% retracement of 0.7419/0.7758 upleg) that found support at 0.7523 (daily cloud top). Additional pressure was generated from the second consecutive weekly bearish candle with long upper shadow that signals persisting downside pressure.[​IMG]

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