AUDUSD - we saw a test of the lows around 0.70 then bounced back up to 0.7133 . We are fast approaching the 0.7140 downward trend line and sell zone.
We could head past the trend line in the short term with all the current swings we are experiencing and I will therefore sell another clip around 0.7175 if we get there.
However, if we do manage to stay below the 0.7140 trend line and 0.7152 fibbo resistance, the pair could see further momentum to the downside.
Fundamentally, this asset responds negatively to volatility and a risk off mood that we could experience towards the US election. The markets are pricing in a blue wave and USD extremely weak at the moment, I do believe this could change and we could see some risk off mood over the election causing downward pressure on this pair!
Entry: 0.7133
TP: 0.6980.
We could head past the trend line in the short term with all the current swings we are experiencing and I will therefore sell another clip around 0.7175 if we get there.
However, if we do manage to stay below the 0.7140 trend line and 0.7152 fibbo resistance, the pair could see further momentum to the downside.
Fundamentally, this asset responds negatively to volatility and a risk off mood that we could experience towards the US election. The markets are pricing in a blue wave and USD extremely weak at the moment, I do believe this could change and we could see some risk off mood over the election causing downward pressure on this pair!
Entry: 0.7133
TP: 0.6980.
Comment:
Sold another clip @ 0.7175
Comment:
Closed all at 0.7082 for a profit of +134 pips!