The AUDUSD formed a daily Pin Bar on the last session of the week. This Pin Bar was created by price moving up to test the recent swing high, before selling of and moving lower to close near the session lows.
Price has now moved lower into the near term support area and rejected the support closing well off the intraday lows. Price Action traders who entered this setup have now had a a chance to take some profit or at the minimum protect their capital.
If price holds this support we could see price move back higher and continue the recent up-trend. If this support instead fails we could see price move down to the next major support around 1.0330.
AUDUSD DAILY CHART – SEP 19 2012
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