SPOT AUDUSD - Wednesday's trade idea & signals
Like the weekly outlook, Tuesday’s signals pointed to temporary gains. An initial ¼ Big Fig rally in Asia did in fact attract sellers, sentiment deteriorating to close little changed on the day, the 7th in a row. Although this is mildly negative, prices are trading close to their 50 & 100 day average rates and remain above last week’s base, so the pullback may also be corrective. Signals for Wednesday are not clear but with a negative bias and cautious to start with the call is to stay square on the open and to sell on the rally at .7286, the last 6 week Marabuzo line with a stop loss at .7324, the 200 day average rate, or to sell down through .7089, last week’s low with a stop loss at .7140. Targets below .7089 are to .7031, a 38% pullback to this year’s gains and .6968, a deeper 50% correction.
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