AUD/USD, look for correction towards 0.9274 to short – 2ndSkies

FXstreet.com (Barcelona) – AUD/USD has been on a relentless sell-off for the last 3 trading days, averaging over 100 pips of losses/day since peaking out at 0.9450 on Nov 20, leading to a rout which found its lowest level so far at 0.9143 on Friday.

According to Chris Capre, Founder at 2ndSkies Forex: “Selling off impulsively for the last 3 days and 300 pips, the Aussie has broken the neckline of a large HS pattern (head and shoulders) + key level at 9274.”

Capre adds that despite the HS pattern suggests a 500 pip decline, “there is a crucial support …read more