AUDUSD Portfolio Trade ref:210 50% - >2x RR Ratio
AUDUSD is primed for a drop here.
There are several risks to the overall market mood, and my general idea right now is that the market is overoptimistic to soon in regards to COVID-19 vaccines.
We still have a lot of uncertainty in the US after the elections, and unemployment levels across the globe are scary to say the least. Add to that Australia now butting heads with China and my view is that the overall markets and especially the equity markets are WAY ahead of themselves.
AUDUSD is a very risk mood sensitive currency pair, and setups like these where the technicals align so well with the fundamentals are very rare to come by.
0.7340 is a major resistance zone so I wanted to short ahead of this level and have my stops just above.
I'm aiming for the 0.7000 region, which is critical support.
With so many factors aligning here, I am taking 50% of my desired position here, and look to add the other 50% higher, if the possibility presents itself. If not, I want to be in now with at least half the position.
This trade supports my overal portfolio thinking, as I am looking to go long EUR/AUD, GBP/AUD and short AUD/NZD as well.
There are several risks to the overall market mood, and my general idea right now is that the market is overoptimistic to soon in regards to COVID-19 vaccines.
We still have a lot of uncertainty in the US after the elections, and unemployment levels across the globe are scary to say the least. Add to that Australia now butting heads with China and my view is that the overall markets and especially the equity markets are WAY ahead of themselves.
AUDUSD is a very risk mood sensitive currency pair, and setups like these where the technicals align so well with the fundamentals are very rare to come by.
0.7340 is a major resistance zone so I wanted to short ahead of this level and have my stops just above.
I'm aiming for the 0.7000 region, which is critical support.
With so many factors aligning here, I am taking 50% of my desired position here, and look to add the other 50% higher, if the possibility presents itself. If not, I want to be in now with at least half the position.
This trade supports my overal portfolio thinking, as I am looking to go long EUR/AUD, GBP/AUD and short AUD/NZD as well.
Trade closed manually:
Out at breakeven. Not in love with the setup anymore and prefer the new NZDUSD trade posted.
Comment:
