AUDUSD – Where can it go

 

AUD/USD is near an important support level.  Today it bounced off the 50MA  within a down channel and is above the resistance it saw in April.  For a quick scalp look for it to drop before first support at 1.0580 then a exit around the 50MA near 1.0507.  That’s about 70 pips worth of movement.  Playing bounces within the trend, the support levels, and 50MA can increase the odds of success.

2011-05-13-AUDUSD-PROPHET

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