Lambert says that AUDUSD continues to be capped by downtrend line on the longer term charts and continues to post candles with long upper shadows ( Shooting Star candles). Lambert believes that this says that rallies are being sold into when we hit a “77” handle.

Steve Lambert is looking to sell at 0.7660 with a stop at 7700. His initial target is at 0.7600 and he has a second target at 0.7510 and finally an extended target at 0.7420.

Lambert will close the trade by the end of Friday if the first target has not been achieved.

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