Failed AUDUSD selloff points to temporary recovery
With bearish signals on the week so far being confirmed with losses of almost 1 Big Fig; Wednesday’s signals switched to temporarily bullish. These too have been confirmed as an initial improvement of just under ½ Big Fig.
The above gains were given up, but losses in Asia this morning have been recovered. The failed selloff is mildly bullish and with AUDNZD also forming a basing pattern, signals are once again pointing to a temporary profit taking recovery.
Management and risk description
Raise stop to entry if the first target is met.
Entry: Market and 0.7171, just above today's low.
Stop: 0.7144, this week's base.
Target: 0.7261, this week's high and .7341, the 100 day average rate.
Time horizon: Today only.
For more on forex, click here.
Non-independent investment research disclaimer applies. Read more