Tradeciety
Short

AUDUSD - Tuesday squeeze play

FX:AUDUSD   Australian Dollar/U.S. Dollar
76 0 2
We stressed the importance of waiting for the Chinese market before shorting the next down-wave on the AUDUSD             .

On Tuesday, the Shanghai Composite             closed 3% higher and also the Hang Seng ended up closing positive. Those profits "boosted" risk currencies such as the AUD and the NZD.

A look at the AUD shows the short squeeze on the AUDUSD             . Price went all the way, squeezing both resistance areas above current price. Traders who entered prematurely either saw their stop hit or were under major pressure. We can't say it often enough: don't short the Aussie if China closes higher.

Current price action is still bearish . The squeeze shows that sellers were able to drive price back down below support. The Shanghai Composite             is currently down -0.54%, but it's still early in China.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out