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Hello traders good to be with you today as I am looking at the AUDUSD 120 minute chart today. I traded this pair yesterday for a sell and was happy when I woke up this morning and found I had taken profit. As you look at resistance on this chart you can see that we have a lot of weak candles and the bulls are running out of steam. This look to me for another shot to the down side however we have to be patient. I am looking to enter this after we see some strong bearish candles and I would like to enter with a close just below the 1.4800 price level. I am thinking we can stay in this trade for a couple of days and look to take profit at the 1.4680 price level. You can see that I placed the Fibonacci tool on the chart and will monitor the levels very close for a possible reversal after I have entered the trade.

Thank you traders and we will talk soon…….William

FX Instructor Forex Blog – For Traders, By Traders

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