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Coleman: Volatility in AUDUSD offers opportunity

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Volatility in the FX markets has created a sizable risk/reward opportunity in AUDUSD according to Ian Coleman from First 4 Trading. The dollar index has seen mixed trading this week with RSI remaining around 50. This has caused mixed trading results amongst most of the dollar’s major currency pairs. Additionally, the current volatility has formed an expanding wedge formation, which Ian notes has a tendency to break to the downside. Therefore, Ian is looking to sell AUDUSD on a break of 0.7712 with a stop placed around 0.7742. He is targeting a move lower towards 0.7682 and then 0.7648.

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