Friday, June 15, 2018

ASD/ USD TRADING STRATEGY:

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AUD/USD TECHNICAL STRATEGY: NET SHORT AT 0.7547
1. Aussie Dollar resuming downtrend after breaking counter-trend support.
2. Push through May swing low opens the door to test below 0.74 mark.
3. Improved risk/reward setup sought to add to AUD/USD short position.




After breaking counter-trend support, guiding the upswing from the early May, the  Australian Dollar is unprotected to deeper losses against its US counterpart that rise now to looks confirmed as a correction within the context of a longer-term decline launched in late January.




            From the May 9, sellers are composed to challenge low at 0.7413, with a break down on a daily closing basis opening the door for a test of inflection point support stretching back to mid-June 2016 at 0.7335. Immediate resistance is in the 0.7585-0.7606 area.Forex Singapore

The short AUD/USD position activate at 0.7608 and subsequently scaled up near 0.7530 is still in play. Adding to exposure is tempting but the velocity of the latest down move has skewed risk/reward parameters against doing so. A bounce to establish a new swing high against which to set a stop-loss will be sought. Daily Forex Signals

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