Short at 0.7475 based on Monday's analysis...
For those who read Monday’s report on the Aussie you may recall our desk highlighting the 0.7481/0.7470 neighborhood as a potential sell zone (green area). Our reasons for liking this area were due to the following:
• Located within a weekly resistance area at 0.7524-0.7446.
• Positioned within a daily resistance area (plotted within the said weekly zone) at 0.7449-0.7506.
• May’s opening level at 0.7481 (denotes the top edge of the sell zone) was likely to produce a reaction.
• And finally, the market’s overall trend is currently pointing south.
We also went on to say that traders should expect a fakeout through this zone. This is due to the H4 AB=CD approach taken from the low 0.7388 (see black arrows).
As you can see, this has played out as expected, and the bears have demonstrated some interest here following the fakeout. On the basis of our above notes, and the H4 selling wick formed on the fakeout, we are now short this market at 0.7475, with our stop tucked just above the wick at 0.7490. Ultimately, we’re looking for price to tap the H4 mid-level support at 0.7450 before taking partial profits and reducing risk.
Data points to consider: Several FOMC members set to take the stage today at different times.
• Located within a weekly resistance area at 0.7524-0.7446.
• Positioned within a daily resistance area (plotted within the said weekly zone) at 0.7449-0.7506.
• May’s opening level at 0.7481 (denotes the top edge of the sell zone) was likely to produce a reaction.
• And finally, the market’s overall trend is currently pointing south.
We also went on to say that traders should expect a fakeout through this zone. This is due to the H4 AB=CD approach taken from the low 0.7388 (see black arrows).
As you can see, this has played out as expected, and the bears have demonstrated some interest here following the fakeout. On the basis of our above notes, and the H4 selling wick formed on the fakeout, we are now short this market at 0.7475, with our stop tucked just above the wick at 0.7490. Ultimately, we’re looking for price to tap the H4 mid-level support at 0.7450 before taking partial profits and reducing risk.
Data points to consider: Several FOMC members set to take the stage today at different times.
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