Inside the Currency Market: AUD/USD

AUD/USD. Bottom. 0.7036. Range break above 0.7072, 0.7095, Below 0.7047 and 0.7001. Overbought sell point 0.7094. Strategy. Longs above 0.7072, target 0.7094. Note target between two range points. That’s dangerous. Break above 0.7095, targets 0.7118, 0.7142. Target 0.7094 then short to 0.7083 and still within ranges. points on the way up, 0.7075, 0.7082, 0.7094.

Shorts below 0.7071, Target 0.7053. Point 0.7047 must break to target 0.7036 bottom and 0.7024 then 0.7001. The point 0.7053 must break to see AUD lower to target 0.7035, 0.7047, 0.7024 and 0.7001. AUD is not too thrilling, caution caution to take this trade.

Brian Twomey, Inside the Currency Market, btwomey.com

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