Higher weekly AUDUSD lows keep dip signals in play
Since June, AUDUSD sentiment has been oscillating around its 100-day average rate. A strong two-day Brexit selloff three weeks ago has attracted buyers at the 200-day average rate, protecting a sequence of higher weekly lows. This continues to highlight investor demand to buy into any weakness and with no sign that this trend is ending, signals for this week remain bullish.
Management and risk description
Stay long or buy modestly at market and then buy the dip. Raise stop to entry if the first target is met.
Entry: market and 0.7481, Friday's open.
Stop: 0.7408, last week's low.
Target: 0.7719, May's high and 0.7835, this year's top posted in April.
Time horizon: this week.
— Edited by Martin O'Rourke
Non-independent investment research disclaimer applies. Read more