hasanavi
Short

Shorting AUD/USD from both Fundamental and Technical

FX:AUDUSD   Australian Dollar / U.S. Dollar

I'm looking for shorting AUD/USD this week from both Fundamentally and Technical Perspective

Fundamentally AUD is weak because is too hawkish on RBA and most of the recent news came worse than expected. The recent gain is very likely because of the commodities rally but that should be short lived.

On the other hand, USD should gain its strength due to rate hike expectation. Selling bond is an early indication of dollar strength.

Technically in 4H chart, AUD/USD is in a channel and between 50-61.8% fib level. I will be looking for short position from here when the price goes into the channel again and below the 50% fib.

The stop loss could be just above the 0.618% fib level and take profit could be somewhere 0.7200. That's about shoulder length from the lower low and also a psychological level. That will give a nice risk to reward ratio.
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Get Help Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Get Help Ideas Published Followers Following Private Messages Chat Sign Out