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Coleman: Why I'm bearish on AUDUSD
Coming off a week of aggressive selling for the AUDUSD, Ian Coleman from First 4 Trading remains bearish on the currency pair. Overnight gains were posted, resulting in bullish buying; breaking the currency’s run of negative performance for four consecutive days. This overnight buying is in reaction to the currency reaching the intraday 161.8% extension level of .8764. Coleman also notes that gains above the 38.2% pullback level of .8823 have been sold into. Coleman notes that this movement would be classified as a fourth wave correction by Elliott wave enthusiasts. This is why he is setting his targets for today in accordance with current Elliott wave levels. He is looking to sell at the market open with a stop placed at .8845. His two targets for the trade are: .8755 and .8570. Coleman notes that the second target will probably not be achievable immediately.
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01:25 minutes
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