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Sell Trade on the AUSUSD works out as price fall after reaching horizontal resistance

The AUDUSD pair has been retracing up for a few days now, and during the course of today, it hit the resistance level of 0.74407 that I’ve been watching. I decided to take a small trade at 0.74374 with stop loss just above the resistance level. It only took a few hours before some heavy […]

wp 1479910035450 1

The AUDUSD pair has been retracing up for a few days now, and during the course of today, it hit the resistance level of 0.74407 that I’ve been watching.

I decided to take a small trade at 0.74374 with stop loss just above the resistance level.

It only took a few hours before some heavy selling on this pair took price down to 0.73926 when I closed for a decent profit.

If price stays at this level or goes lower, there’s further opportunity for it to continue falling and perhaps another trade with a wider stop on the daily time frame.

For now, I’ll sit this one out. Happy with my efforts this far.

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