When markets open this evening I will be looking at shorting the Aussie Dollar
down to the daily trendline
, as this has been respected a few times in the past couple of weeks, this will most likely be an intra-day swing trade to get in and get out. Only because of RBA
releasing minutes on Tuesday followed by a speech from Yellen
later that day, could make some shifts between the two trendlines
/ provide a clear breakout of the bearish
trend the Aussie Dollar
has been stuck in. On Friday evening it rejected the monthly 0.75540
support nicely with the bulls closing a bullish engulfing
to help it recover from this price, however it then bumped back into the 4 hourly trend and rejected.
is in the overbought region on the 1 hourly by quite a bit, possibly signalling a reversal to support the fall back down to the 0.7530
area. The head and shoulders
formation provided a confirmation that the downwards trend would continue, but will it have now run out of steam...
I believe the Aussie Dollar will remain bearish
hence my short signal and at least bump into the daily trendline
, if not beyond. Fundamentals pending, this is my sentiment for now and I will be waiting for market open to see how this will play out.