Now the pair tested the resistance at 0.7780, it is possible to see a rebound and a new impetus to test 0.7735. 30 minute chart we turn bar “Dodge” and in subsequent descending – signal to sell.
Alternative scenario: When closing the current bar above 0.7780 – possible deeper correction to test 0.7805 and a break to 0.7840 .
Weaker US data today on aid applications from unemployed and sales of new homes fell dollar sentiment for the pair is still Short, due to the expectations for new interest-rate cuts in Australia next month.
Kolyo D. Nunkov – Jr. Forex Trader