AUD USD activates the negative pattern 25/01/2013
Economies.com
2013-01-25 04:47AM UTC
The pair declined sharply yesterday and achieved a break to the bullish support followed by breaking 1.0485 which represents the neckline for a double top pattern, this pattern has a full bearish targets reach to 1.0365
Accordingly, the bearish bias will remain preferred for today but temporarily, where we must monitor the price when reaching the mentioned target, as breaking it will lead to a continuous decline might extend to reach 1.0215, on the other hand, rising and breaching above 1.0510 will turn the price back to the bullish channel again.
Expected trading range for today is between: 1.0300 support and 1.0510 resistance.
Expected trend for today: Bearish
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