Nickelor

Looking week, but!

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
1
Certainly the overall profile is looking weak, but we haven't gone through the critical support level yet. Everything points out to the 1.04 area as a MAJOR support level . We have a long term support line in this area, matching the 50% Fib retracement and the red upper neck line should also be right on the spot. This are three major supports all coming to 1.04. We certainly are going to test this level next week, but watch for the rebound.
I would look at selling around 1.0450 initially, with a target profit at the 1.04 level, as my first play. A closing candle below 1.04 would be a major indication, but I would then wait for the rebound to go short again.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.