By Admiral Markets
The AUD/USD has formed an X cross (intersection of two trend lines or a trend line with a strong PP) exactly at the POC zone 0.7595-0.7605 (H5, ATR top, 78.6) and the pair might start to reject towards 0.7555 zone. If the pair breaks below 0.7545 (ATR, EMA89 support) we should see a continuation towards 0.7525, L3 support. Final target is 0.7480 for this move. Ideally for this scenario to succeed, the pair should stay below 0.7635 as the spike to 0.7635 would lead to a possible ascending scallop with a stronger correction to the upside.
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Article by Admiral Markets
Source: AUD/USD X Cross at POC zone
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