Strategy: Short at 0.8866, Targeting 0.8366
Weekly Profit / Loss: +9 pips
Total Profit / Loss: +9 pips
We sold AUDUSD at 0.8866 as prices took out a rising trend line set from the swing low in June, with additional confirmation of a bearish reversal seen on the daily close beyond the 0.8847-0.8903 congestion region. As with most of the majors, the US Dollar has pared some of its gains in recent days with prices testing resistance in the 0.8847-0.8903 congestion region. This barrier is reinforced by the aforementioned trend line, now re-cast as resistance and currently standing at 0.8957. Our bias remains bearish and we will remain short, initially targeting 0.8366. A stop-loss will be activated on a daily close above 0.9087.
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