AUDUSD signals open sub-0.7500 potential
Signals for the AUDUSD have been bearish in each of the last two weeks and these have been confirmed, after investors sold the market last week to post initial losses of 1 Big Fig. This has ended a sequence of higher monthly lows which is supporting the negative view, but with prices testing their key 100- & 200-day average rates, signals are pointing to selling the rally this week.
Management and risk description
Only sell modestly at market and then on the rally. Lower stop to entry if the first target is met.
Entry: sell at market and 0.7582, the 50-day average rate.
Stop: 0.7658, the September 9 top.
Target: 0.7456, just above Thursday's low and 0.7322, the 12-week base.
Time horizon: this week.
— Edited by Martin O'Rourke
Non-independent investment research disclaimer applies. Read more