Shorting the Aussie after key levels taken out
The Aussie closed the week taking out a key support around the 0.7603 level as well as two key trend line support levels off the 4h and daily charts. We are currently coming into a 4h demand level around .75 so a bounce around here is not out of the question.
However, given the weekly close and weakness in the commodities markets following China cracking down on margin trading I would be looking to short any pull back to the weekly support if it now acts as resistance, my target on that would be 0.71.
You can follow my current short setup here 1broker.com/trade/
However, given the weekly close and weakness in the commodities markets following China cracking down on margin trading I would be looking to short any pull back to the weekly support if it now acts as resistance, my target on that would be 0.71.
You can follow my current short setup here 1broker.com/trade/
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