DESCRIPTION:
Taking into consideration the fact that all three moving averages are still in the bearish pattern formation called “Death Cross” and the last week’s Australia CPI q/q drop to red zone territory, we know this currency is still in a strong bearish momentum. Although, there is still a possibility for this currency to remain or re-test the resistance 61.8% Fibonacci level at 1.0442. But the downside pressure is still greater for the AUD/USD pair.
Recomendation:
SELL at 1.0399.
Stop loss is at 1.0409.
Take profit is at 1.0385.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
Yahoo Messenger and Skype: Arief.ifx_jakarta
Disclaimer:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
