Another potential trade for the commodity currency this week. Ive been following AUDUSD for the past week and im suprised by the strenght of it. And i expect a really big drop from the highs. Lots of selling (and distribution stage) on the highs around 0.768-0.77.
This week i will look for the AUD against most of the majors. From the chart i expect it to break down from the accending , retest the and ultimately head back down to the lows and according to my analysis it looks like it will play out. Fundimentals are berish on the AUD, as looks to remain the same.
This one may take awhile to play out but its a good one to be paitent for!
SL: 0.7670 (-50pp)
TP: 0.7460 (+160pp)
All the best and trade safe guys.
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