Just when everyone was expecting that Aussie and NZ will consolidate a little after a risk on run in last 2 months of 2015, these two currencies has sold off highly in just 5 days of 2016. It was particularly because of Chinese weakness again and their whole worries on fundamentals and manufacturing sectors. In line with that, please find the analysis on AUDUSD weekly chart,
Looking at the current strong bearish candle, this pair may continue to be bearish for few more weeks. Next best selling entry may be around 0.7120 - 0.7130. It is clearly better not to try counter trend on Aussie now.
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