14 Sep 2016

AUD/USD THREATENING 2016 UPTREND

AUD/USD DAILY

The rate has fallen down to test the 2016 rising trendline support. I am currently flat on the pair and will only consider a short entry if we see a break below the support area created by the rising gap back in June below 0.7400.

Immediate targets should be the June lows at 0.7300 and the previous infliction point with the trendline at 0.7150.

A strong bounce higher from the trendline would invalidate my immediate bearish bias for the pair and would indicate further trading within the contracting range and a possible move towards the range upper boundary around 0.7700.



0 comments :

Post a Comment