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Facts:
The pair bounced off the key resistance area near 0.7090 Short – term trend remains downward from the mid-May
Recommendation:
Trade: Short position on AUDUSD at market price Target: 0.6988, 0.6948 Stop: 0.7110
Opinion:
AUDUSD has been trading in a downward move recently. Looking at the H4 interval, one can see that the price bounced off the key 0.7090 resistance area. Red area near 0.7090 handle on the chart below is marked with previous price reactions, 100-period moving average from H1 interval, as well as upper limit of 1:1 structure. Taking this into account, continuation of the downward move looks to be the base case scenario for now. We recommend going short AUDUSD at market price with two targets: 0.6988 and 0.6948. We also recommend placing a stop loss order at 0.7110.
Source: xStation5
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