Video

James Kim@Saxo
In this webcast, Saxo's global sales trader James Kim runs through the events of the week ahead and give his thoughts on the positioning of S&P, Hang Seng, US Dollar Index, EURUSD, USDCHF, NZDUSD, AUDUSD, USDJPY, XAUUSD.
Day trade
/
Buy
Trade view / 09 February 2018 at 8:05 GMT

Bearish signals overstretched for AUDUSD

Analyst / PIA First
United Kingdom
Instrument: AUDUSD
Price target: 0.7850
Market price: 0.7790
Background

AUDUSD found support below 0.7800 during Thursday, although rallies were limited with initial selling pressure from a firm US dollar and a fresh round of losses in New York trading as equities retreated again. 

As US indices remained under pressure, AUDUSD retreated to near 0.7780. 

Weak home loans data and a cautious Reserve Bank statement undermined Australian dollar support with AUDUSD lows near 0.7760 before a slight recovery.

Technical

  • Pair trades at the lowest level in 31 days. 
  • The selloff has posted a correction count on the daily chart. 
  • Current price action faces support at the 423.6% Fibonacci retracement level of the 0.8137-0.8043 move. 
  • Bespoke support is located at 0.7745. 
  • Preferred trade is to buy on dips. 

AUDUSD (two-hour):
AUDUSD
Source: Saxo Bank

Parameters

Entry: we look to buy at 0.7745.

Stop: 0.7710.

Targets: 0.7850 and 0.7915.

Time horizon: intraday

— Edited by Michael McKenna

Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here

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