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The AUDUSD price continues to form new lows which could offer short opportunities at key resistance levels. 

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AUDUSD Analysis

The AUDUSD price is on our watch list this week for short trading opportunities for many reasons. Before looking at a market we need to understand why we want to trade it. The first reason is the commitment of trader reports, these reports tell us how the commercials and non-commercials are positioned in the market. The commercials are the ones who buy as a currency moves lower and sell as a currency moves higher as they are in the market for business purposes. The recent reports show us that the commercials are currently increasing short positions which has seen the price of the AUD weaken..

The second reason is the strength meter, the Australian Dollar is at extreme highs which can often lead to a reversal of the strength and weakness. The USD is gaining strength on the meter and is fundamentally strong. 

AUDUSD forex chart of the day

The weekly chart shows bearish closes forming and the 4hr has just created a new low, this can offer short trading opportunities at key resistance levels. The recent 0.7400 level could be the area where sellers re enter the market. If the price was to form bearish price action here on the 4hr time frame we can look for short trading opportunities. Alternatively if the price reaches this level we can look for reversal patterns on a lower time frame such as a head and shoulders or double top pattern.

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

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