AUD/USD: Try Shorts With Stops Above 7510
Jason Sen | May 22, 2017 04:44AM ET
AUD/USD key to direction is now 2 month trend line resistance at 7470/80. Try shorts with stops above 7510. A break above here however is a buy signal and sees 7490 act as support targeting 7535/45 and 7580/90.
Failure to beat 2 month trend line resistance at 7470/80 in the short term bear trend targets first support at 7430/20. A break below here signals the start of a new leg lower. Be ready to sell a break below 7420 targeting 7390/85 and 7345/40 before a retest of 7330/26 lows. Further losses target strong 16 month trend line support at 7310/00. Try longs with stops below 7250.
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.