AUDUSD shows signs of a temporary relief rally
This week’s bearish signals for AUDUSD have been confirmed, with yesterday’s trading posting a third lower daily high and low in a row.
However, with prices testing the 100 Day Moving Average rate, yesterday’s signals highlighted the potential for this level to attract some profit taking buying.
Management and risk description
Buy at market and on dip and raise stop to entry if the first target is met.
Entry: Market and 0.7517, today's open in Asia.
Stop: 0.7490, last month's low.
Target: 0.7594, this week's high and 0.7692, last week's top.
Time horizon: Today only.
— Edited by Adam Courtenay
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