Forex AUD/USD - H1 Technical Analysis Our expectations:
After earlier selloff during the Asian session, AUD made a 50% correction of the short, which allow adding to short positions with a close stop. The short trend remains after a Westpac report showed that RBA cuts are expected, and the diplomatic tensions between China and Australia begin to overlap as we see the first cracks in their relationship. In other words, the US restricts China and they pass it to Australia.
Indicators:
MAs in a bearish formation.
Price below key level of Fibonacci.
Demarker turns down.
SL: 0.7137
Alternative Scenario: A verified break above 0.7137 would send the price for a test at the top of the flag.
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