Strategy: Pending Short
Weekly Profit / Loss: -247 pips
Total Profit / Loss: -256 pips
We sold AUDUSD at 0.8866. The trade was stopped out earlier this week as a surge in risk appetite set off a sharp rally that produced a close above our risk cutoff threshold and reclaimed the bulls’ foothold above the 0.91 figure. However, a Doji candlestick at resistance marked by the 76.4% Fibonacci retracement of the 8/6-8/25 downswing hints the rally may be running out steam. Our overall bias remains bearish and we will look for attractive opportunities to re-enter short in the days ahead.
To discuss these strategies with other traders, please visit the Candlestick Forum
To receive future articles by email, please contact Ilya at ispivak@dailyfx.com
DailyFX provides forex news on the economic reports and political events that influence the currency market.
Learn currency trading with a free practice account and charts from FXCM.
