Yesterday’s outside candle formation is bearish for the AUDUSD with a medium term target back to its 100 day MA(70c). We have seen the same formations in the past net anywhere from 3c to 10c pullbacks.
Order wise, the bids at 7930 held it up last night and should be enough to hold us in Asia today. However 7930 is my level that needs to hold otherwise stops under 79c risk being triggered for a test lower. Topside there are keen sellers and longs looking to take profit above 8230, too far on the day. Intraday traders will play 7950 – 8050. Look to play that range with a shorting bias.
