Sforex
Short

Idea for A/U next week.

FX:AUDUSD   Australian Dollar/U.S. Dollar
241 0 2
Fundamental Analysis:

- The analysis for USD I show in the S&P500             topic:

Analysis for S&P500 next week.


So if I put my faith in bullish trend of USD. AUDUSD             move will be bearish .


Technical Analysis:
The most my concern is AUDUSD             is in oversell state, so if market has any disadvantage information for USD, it would cause strong BUY force for AUDUSD             , and the result is AUDUSD             would be trade above key support and resistance level I show on the chart:0.895

With lot of economic data regarding to USD next week, and we don't know what will happen, It's very dangerous to hit a sell order in the being time.

Last week, we saw AUDUSD             pierced the key resistance level: 0.895 before moving back below 0.895 level.

Once this key resistance level is pierced, there is no reason it happens once again.

AUDUSD             had two weeks consolidated in the range between 0.895 and 0.882 : 130 pips. To break the strong support 0.882, Market needs to provide catalyst enough strong, but I think with economic data is released this week, A/U cannot break this key level soon.

AUDUSD             has two choices to move next week:

- 1 sideway in the range : 0.882 and 0.895
- 2 move to new range I show on the chart: 0.895 and 0.9060 : 110 pips

0.9060 is a strong resistance , this is 38.2% Fib retracement : the level of retracement which A/U respects.
You have also two choices to trade AUDUSD             base on your view about USD:

- If you think USD raise up : SELL at current price ,stop loss at 0.9060, take profit at 0.885 I show on the chart.

- If you think USD fall down: BUY at current price, stop loss at 0.882, take profit at 0.9050.


Most people believe in bullish trend of USD,so it's hard for me to trade opposite the view of crowd.

I choose the first choice, SELL AUDUSD             to 0.885.
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