AUDUSD corrective bounce provides short opportunity
With bearish signals on the week initially being confirmed with Monday’s 1½ Big Fig losses signals have subsequently pointed to a temporary profit-taking recovery. This is signalled as an opportunity to short, ideally near today's Asian high and while below a 62% recovery to Friday's strong selloff.
Management and risk description
Sell the rally and lower the stop to the entry point if the first target is met.
Entry: sell at 0.7469, just below today's Asian high.
Stop: 0.7517, a 62% recovery to Friday's losses.
Target: 0.7342, Tuesday's European low and 0.7306, last week's base.
Time horizon: today only.
— Edited by Gayle Bryant