15 Sep 2015

AUD/USD A MOVE TOWARDS 0.6000?

AUD/USD DAILY

As expected, after breaking the 14-year rising trendline support the rate has made a pullback and is currently testing it as the new resistance. The current level is also a 3-month falling trendline resistance.

As I have mentioned before, I would now be looking for a move towards the next major support around 1.6000. It may be a good idea to scale in this trade - a smaller position if we see a strong rejection from the current levels and a larger when we see a break below the monthly low at 0.6900.

As for stops - the 0.7500 level would work as a more conservative stop or the 0.7250 for aggressive one.



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