AUDUSD – Capped by key 62% correction point
A five Big Fig sell-off in 2018 has attracted buyers of AUDUSD back to the market in April from close to a monthly bull trend and last week’s signals continued to point temporarily higher. Contrary to these, sellers have returned to the market at the 200-day average rate as well as at 0.7812, a 62% recovery to the losses posted since March’s high, sentiment has deteriorated by over 1½ Big Figs since Thursday’s 0.7814 top. This is negative and we look for the downside to develop in the coming days.
Management and risk description
A move to 0.7620 means the stop can be lowered to break even.
Entry: Sell at 0.7680 and 0.7729
Stop: 0.7814 bid
Target: 0.7620, 0.7560 and 0.7501
Time horizon: this week, closing Friday 27, 13:00 BST
5 Big Figures Losses
— Edited by Clare MacCarthy
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