AUDUSD - profit taking after the risk off sell-off
Despite Monday's 5% drop in the Shanghai Composite, the AUD/USD managed to squeeze in a short relieve bounce. However, the support bounce is not convincing and the fundamental picture signals further shorts. All it takes is another strong down day in China and the Aussie could continue it's move down.
There are two support levels just above each other but once they fall, there is a lot of downside potential. Although we are overall very bearish on this one, we remain on the sidelines until the two levels have been broken.
There are two support levels just above each other but once they fall, there is a lot of downside potential. Although we are overall very bearish on this one, we remain on the sidelines until the two levels have been broken.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
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> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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.
I have been trading for 15 years!
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
> Trend Rider indicator: tradeciety.com/trend-rider-indicator/
> Free weekly trading webinar: tradeciety.com/webinar/
> Free blog: tradeciety.com/blog
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.