We've been very bearish on this market for months now, and that bias hasn't changed. We are looking to sell on strength this week if the price continues to retrace higher. Traders can look to sell up near the 1.2500 to 1.2600 resistance area, ideally on a price action signal, if the price moves higher this week. We are looking to rejoin the downtrend from value (resistance).
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The Australian dollar to U.S. dollar moved higher on Friday, but overall the trend is still very bearish (a downtrend) and notice that price stayed contained below the 0.8650 key support level on Friday.