DESCRIPTION:
As we know the Australian economy is dependent on export to China. Unfortunately, China experienced a slower pace of economic growth too and it had a significant impact on the Australia economic. From the technical point of view at the 4 hours charts we can clearly see all the three Moving Averages still give a "Death Cross" formation pattern and this currency still makes lower high and lower low at the price charts. All this information indicates the AUD/USD pair is still under bearish pressure.
Recomendation:
SELL stop pending order at 1.0399. Take profit is at 1.0385. Stop loss is at 1.0409.
Alternative :
BUY stop pending order at 1.0435. Take profit 1 is at 1.0445. Take profit 2 is at 1.0459. Stop loss is at 1.0420.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
https://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
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.
