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Trade view / 20 June 2016 at 7:28 GMT

A platform for AUDUSD recovery

partner and technical analyst / 3 c analysis
United Kingdom
Instrument: AUDUSD
Price target:
Market price:
Background

While bullish signals for the AUDUSD were confirmed in the previous week, the failure from close to 0.7489 – a 50% recovery to the entire April-May losses – switched last week’s signals to bearish. 

These too have been confirmed with initial losses of almost one big figure. However, in contrast the market has recovered the losses with the failed selloff improving sentiment. 

Prices are oscillating around their key moving averages, but with the 200-day line providing a platform, signals are pointing to a recovery.

Management and risk description

Allow room to buy a dip and raise stop to entry if the first target is met.

Parameters

Entry: market and .7333, Wednesday's low.

Stop: 0.7265, just below the 200-day average.

Target: 0.7505, June's high and .7604.

Time horizon: this week.


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Source: CQG
AUDUSD Weekly - 50% recovery
Source: CQG 

AUDUSD Monthly - 7 year lows
Source: CQG
 
— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more

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