DAILY SPOT AUDUSD - Wednesday's trade idea and technicals
A falling trend of lower weekly highs and losses below the key daily average have kept this week’s signals pointing lower. However, with daily sentiment oversold at over 10 year lows the call is a cautious one. Although Tuesday’s signals continued to point lower, initial losses of over ¼ Big Fig attracted buyers from close August’s base at .6677 for sentiment to recover and to close with a gain of almost ½ Big Fig. This is positive and gains this morning in Asia above the 13 day average rate switch Wednesday’s signals to cautiously and temporarily bullish and the call is to buy on the open and then at .6738, this week’s opening trade with a stop loss at .6716, Tuesday’s open. Targets are to .6793/00, highs posted in each of the last 2 weeks, .6818/22, the 3 & 4 week tops and .6858, the last 5 week Marabuzo line.
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