Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

AUD/USD: Possible Short Entry

Published 11/23/2016, 07:03 AM
Updated 07/09/2023, 06:31 AM
AUD/USD
-
NZD/USD
-

AUD/USD Daily Chart

AUD/USD Daily

The rate has made a pullback after the massive last week drop and is now testing the former broken 4-month range support as the new resistance.

Similarly as with my NZD/USD trade idea, I took a small short position on the initial 2016 uptrend break and I am now looking to scale in this position. A strong rejection lower from the resistance area (0.7420-0.7450) may work as an opportunity for some short positions, however, I am also open to a possibility the rate retraces higher to test the 3-year-long falling trendline resistance (the last test came as a false breakout which was followed by a 450 pip drop).

Weekly close above 0.7770 level would turn me bullish on the pair.

Original post

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.