Aud is weak. So has also Usd been this week. But, what I'm looking for here is long term picture. Institutions are shorting Aud and buying Usd. This we can see looking at COT reports and priceaction.
Looking at monthly and weekly charts bulls have difficulties to move price higher. Simply put, sellers are holding their resistance at 0.6400 level and price is ranging in side movement. Also, Aud had a strong push up from 0.6240 level after US put tarrifs on foreign countries on April 2nd. Despite this price was pushed down again on April 4th.
Entry: 0.62400
SL: 0.65000
TP: 0.5800
For best performance: trade in small size and scale into trade. This gives you opportunity to DCA with small size while keeping risk down.
Looking at monthly and weekly charts bulls have difficulties to move price higher. Simply put, sellers are holding their resistance at 0.6400 level and price is ranging in side movement. Also, Aud had a strong push up from 0.6240 level after US put tarrifs on foreign countries on April 2nd. Despite this price was pushed down again on April 4th.
Entry: 0.62400
SL: 0.65000
TP: 0.5800
For best performance: trade in small size and scale into trade. This gives you opportunity to DCA with small size while keeping risk down.
Trade active
Sell opened at 0.62335. 5 Micro lots to start with.Trade closed: target reached
Added 5 micro lots more at 0.59712Note
Closed both trades for now, in some profit. Level 0.6000 is holding and it looks like price may go up. But in overall I am stil looking for shorts and will re-enter again if price comes up to 0.61500 or even better to 0.6220Monthly chart is showing strong downside and Aud is stil weak currency.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.