forexTrdr
Short

forexTrdr AUSUSD - SHORT PLAY ON DESCENDING CHANNEL

FX:AUDUSD   Australian Dollar / U.S. Dollar
Morning traders,

Overnight we had the Australian central bank cut interest rates as expected by the market and they also indicated that they were "one and done" for the time being which lead to Aussie dollar rallying overnight to the top of the descending channel highlighted in our tradingview chart.

At the same time we have the spike higher meeting an area of resistance highlighted around 0.6980 to 0.70 and both RSI and stochastics also lining up to show the pair are in extreme overbought areas on 4 hourly with stochastics already rolling over to head lower.

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Good luck trading

from the Team at forexTrdr



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