AlfredTang
Short

Could AUDUSD Go To 0.7880?

FX:AUDUSD   Australian Dollar / U.S. Dollar
There could be an opportunity for a technical play on AUDUSD             for the Monday, 22 Jan.

AUDUSD             is approaching support level 0.7965 and has been moving across for a week. Could we finally be seeing AUD weakness?

No FX news on Monday though, so I'm not expecting wild moves.

Risks:
- Overall trend is up, so this is countertrend.
- Could be affected by the US Gov             shutdown in the background. For all we know, Monday could begin with USD weakness.
- Could bounce off support level 0.7965 again -- I will look for a lower close than previous closes.

If AUDUSD             closes below support level 0.7965, around 0.7935 (lower than previous lows near support), it could make a sell trade possible.
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