Rocketman
Short

AUDUSD 1 to 5 month Outlook and Trade Idea: IF it goes there

FX:AUDUSD   Australian Dollar/U.S. Dollar
66 0 3
The economic data for the Australian economic for unemployment , I believe, shall be bullish today at 7:30pm EST (January 13, 2016); and that supports a temporary upward bias in the AUDUSD             . My hope is that the market gives support the push up in AUDUSD             .

This will enable me the opportunity to short it later in harmony with my notes on the chart; as this market environment favors the USD over AUD as a 1 month to 3 month outlook for now.

Technically, there is a bearish gartley pattern in play with wicks showing market indecision, maybe because of the upcoming report; however, I wish not to take this trade because I prefer to short at a stronger area of resistance around the 0.71199 to 0.71730 area (sell zone). Moreover, given that the unemployment data for AUDUSD             will be bullish (and this is a 4 hour chart) at 7:30 pm EST today, I am hoping this pattern will break and travel up!

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