Aussie has double based at 1.0168 and raced higher to hit the short term 50% fib level of 1.0228. Slightly overbought on the 60 min charts so some easing back early in the session would prove to be beneficial to this market. We would think 1.0195 to 1.0180 would be enough on the downside, and we would expect buyers in at these lower levels.
We are conflicting on the daily and 240 min chart. Daily are looking to turn lower, but the 60 and 240 min call for a move higher, so would go with the shorter term time span, but be ready to sell if we reach good levels...
1.0245/55 is quite good resistance from the 23.6 med term fib level, and initially cover all longs to here. Re-instate longs then on dips back to 1.0210/1.0195 or buy a break of 1.0255. If we exceed 1.0255 look for 1.0270/76 and possibly 1.0310, but this should cap and all longs to be severed.
So we are buying weakness down to 1.0180. We would only reverse longs if we broke the base formation at 1.0155 and then go short for 1.0100.
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