Trade Idea, 9 Mar: Sell AUDUSD

By | March 9, 2017

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AUDUSD

Sell 50% @  Market (0.7527)

Sell 50% @  0.7570

SL @ 0.7610

TP @ 0.7450

The Kiwi has already broken sharply lower against the US$ and it looks as though the $Ausd may be set to follow it. Both the 4 hour and the daily indicators suggest further weakness ahead and I would be a little surprised to see the Aud back above 0.7600 for a while unless we see a big selloff in the US$, which seems unlikely ahead of next weeks FOMC meeting, at which a rate hike is now largely anticipated.

The idea would be to put on half the order at market, leaving room for a squeeze back to 0.7570, with a SL placed above 0.7600. The initial level to watch on the downside, where the TP is placed is at 0.7450, but it could be that the Aud is headed lower than that, possibly to 0.7380. We shall see.

This order is only good for entry purposes until 5.00 pm NY time today

This information is a personal view only, this being a trade being undertaken by FX Charts. It is not an inducement or recommendation to trade although you may do so if you agree with the parameters of this idea.. Refer to our disclaimer here.

These market alerts are provided as part of a trial basis only. To continue to have access to alerts at the end of the trial register at fxcharts only. To continue to have access to alerts at the end of the trial register at fxcharts.