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Trade view / 13 November 2017 at 0:42 GMT

Consolidation to precede the next decline for AUDUSD

Managing Director / Technical Research Limited
New Zealand
Instrument: AUDUSD
Price target: 0.7500
Market price: 0.7650
Background

Last Friday's Monetary Policy Statement from the Reserve Bank of Australia left little doubt the 1.5% cash rate will be held steady until more information comes to light about how much slack there is in the labour market. We will get an update on that in Thursday's employment report.

Before that, AUDUSD will trade in line with developments in the US, including Fed speakers, progress on the US tax bill and Wednesday's CPI inflation numbers.

Management and risk description

The Aussie’s corrective consolidation since its 0.7620 low on October 27 low is assuming the forming of a classical charting Descending Triangle pattern (see hourly chart below).

Resistance at 0.7665/.7695 should now contain in preparation for sell-off below 0.7625 support toward the 0.7500 level over coming days (see daily chart).

Parameters

Entry: Today: Aussie is seen as a sell at 0.7660/0.7670 (only until 0.7625 support is broken)

Stop: just above 0.7695 initially (as always).

Target: 0.7513.

Time horizon: allow several days at least for targets to be met.

Hourly AUDUSD chart (click to expand)
AUDUSD hourly chart

















 
Daily AUDUSD chart (please click to expand)
AUDUSD daily chart

















Source: ThomsonReuters 

Weekly AUDUSD chart (please click to expand)
AUDUSD weekly chart
















Source: ThomsonReuters. Create your own charts with SaxoTrader; click here to learn more

For more on forex, click here.


— Edited by Robert Ryan

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Non-independent investment research disclaimer applies. Read more
A compiled overview of Trade Views provided on TradingFloor.com is found here
13 November
Narup Narup
Great to see this. Just provided 'confirmation/confidence' of a sell order I have placed. Thanks!
13 November
sutiani sutiani
Good morning, Stop: just above ¥114.30, initially,thank you
13 November
Max McKegg Max McKegg
Closed last week USDJPY with small gain, new Analysis sent to all subscribers with Full Chart Analysis
13 November
marran marran
im in on this trade i still have a small sell on usdjpy max with the stop moved to small profit
13 November
alki alki
.7625 support reached.

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