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The markets are floundering for a theme despite a rate hike from the Fed next week now looking like a certainty. Eyes are now turned towards Thursday's European Central Bank meeting, with opinion divided as to whether it will yield euro rate hike news.
Day trade
Trade view / 30 June 2016 at 5:51 GMT

AUDUSD corrective bounce provides short opportunity

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

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.

Parameters

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.


 
AUDUSD 4 Hourly - consolidation




AUDUSD Monthly - 7 year lows
 Source: all charts CQG. Create your own charts with SaxoTrader; click here to learn more 

— Edited by Gayle Bryant

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