DESCRIPTION:
After the level of 1.0375 was breached by this currency yesterday, the AUD/USD pair started its journey to go down to reach 1.0175 as target. Yesterday data on Australian Retail Sales was released and it was weak. All the three Moving Averages still make a "Death Cross" formation pattern. There is no doubt this currency is in a bearish movement situation. However, there is possibility for today the AUD/USD will test again the level of 1.0375 to remain the level as its new resistance. As long as it does not hit 1.0475 the bearish situation still continues.
Recommendation:
SELL stop (pending order) at 1.0295.
Take profit. 1 is at 1.0284.
Take profit. 2 is at 1.0267 (optional).
Stop loss is at 1.0312.
Alternative:
BUY stop (pending order) at 1.0333.
Take profit. 1 is at 1.0345.
Take profit. 2 is at 1.0366 (optional).
Stop loss is at 1.0312.
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.
