AUDUSD Daily
The Aussie continues to trade on the heavy side with the market testing the 2014 low during the Asian session today, this market has traded lower for three consecutive days so I would not be surprised if the market saw a one to two day correction/consolidation before the bears had another attempt at targeting stops below the 2014 low.
AUDUSD H1
If the market is to see a one to two day correction and the 1:1 (Yellow) is tested this would likely offer an excellent opportunity for the bears to add to current short positions on a medium term basis.
AUDUSD M15
On an intraday basis the smart money has been selling the Aussie on any 1:1 rally as they continue to push for stops below the 2014 low.
AUDUSD M5
The level to watch coming into the London session is the 1:1 (Yellow) and 50 fib that coincide at 0.87380/420. This level should attract some selling interest from the bears, however I would not expect to see a new low made today. A break above this 1:1 (Yellow) could see a test of the 1:1 (Light Blue) at 0.87500 (see AUDUSD M15).
The post AUDUSD: Intraday bears watching 0.87380/420 appeared first on www.forextell.com.