Technical Analysis

AUD/USD Losing Momentum

Typography

Price dropped today as the USD has taken the lead again on the short term. AUD/USD erased the yesterday's gains, but failed to reach the 38.2% retracement level. I've said in the last reports that technically, is expected to climb towards the upper median line (uml) of the minor blue descending pitchfork. I've drawn a minor red ascending pitchfork hoping that I'll catch an upside movement, price could come to retest the lower median line (lml). A valid breakout from the ascending pitchfork's body will signal a further drop on the daily chart.

Author: MultiBank Exchange Group Website: http://www.mexgroup.com
MultiBank Exchange Group
Multibank Exchange Group (MEX Group) is a multinational financial derivatives dealer. Established in California in 2005, MEX has offices in several countries around the world, including the US, the UK, Australia and China. Mex Group is regulated by the Australian Securities and Investment Commission (ASIC) in Australia, the Ras al Khaimah Free Trade Zone (RAK) in the United Arab Emirates and the Financial Services Commission (FSC) in the British Virgin Islands.
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