Break of consolidation structure coming for AUDUSD

2022年2月19日

The aussie dollar traded in a sideways action this weak, consolidating upwards from it's downward trend. Shorts that have got in this week would have given up and it looks like the move on the last day of the week signals a stronger break to the downside. This push to the downside will likely find some support around the 0.69 levels before the market decides what to do. From a macro perspective, a long and rough ride to 0.675 is what I will be expecting to see. If you are able to get in for a short this week, this level is good for an entry and your stop loss should be safe by placing it on 0.723.