FOR€X GAM£$ B¥ TH€ FXBO$$: AUDCHF preparing for possible continuation of downtrend

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AUDCHF preparing for possible continuation of downtrend

Sunday, September 09, 2012 | Posted by FxBO$$- Powered by Legendary Resources | | | Edit Post

As seen in the chart above, AUDCHF which has been on a relative down trend for some days now has made some retracement back to the 10 ema (blue) and is about forming something similar to a PIN BAR, which is a reversal candlestick pattern. This means theres a possible continuation of the earlier downward trend. Lets see what the 1st day of the week brings. That would determine if am going short on this or not.

The red pivot is an area of previous support, so if price eventually falls, I'll be looking to take some profit at that point.

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AUDCHF preparing for possible continuation of downtrend

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