Day trade
Trade view / 25 May 2016 at 5:55 GMT

AUDUSD signals point to temporary improvement

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

The bearish signals on the week and for Tuesday have been confirmed for AUDUSD, with investors selling the market yesterday to post a fifth lower weekly low in a row and initial losses of ¾ Big Fig on the day.

Although prices are trading below their key moving averages, the downside has slowed following a 7 Big Fig deterioration since April’s .7835 top and there has been some profit taking buying in Asia this morning.

Management and risk description

Allow room to buy an intraday dip and raise stop to entry if the first target is met.

Parameters


Entry: Market and 0.7184, today's open in Asia

Stop:
0.7144, yesterday's low

Target:
0.7261, this week's high and 0.7368, last week's top.

Time horizon:
Today only.















AUDUSD 4 Hourly - recovery to losses
 
AUDUSD Weekly - 62% pullback
 
AUDUSD Monthly - 7 year lows
Source: All charts, CQG

— Edited by Adam Courtenay

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