Get ready To Sell The Retrace In Aussie - Forex News by FX Leaders

Get ready To Sell The Retrace In Aussie

Posted Friday, June 2, 2017 by
Skerdian Meta • 1 min read

We posted a market update yesterday about the Aussie. This forex pair has turned bearish after climbing higher for two weeks and trading sideways for another week.

The Canadian Dollar has also lost about 100 pips, so the commodity currencies are on the back foot right now, although the Kiwi is showing some resilience.

So, as we said, we have changed our view for AUD/USD, from hawkish/neutral a week ago, to bearish. Therefore, we´re looking for sell orders only on this pair, although the US employment report might change everything, so we have to wait for that report to be out of the way before going short.

The H1 chart looks bearish

The H1 forex chart looks very luring for sellers; the trend is down, the retrace is almost completed since stochastic is almost overbought, the 50 SMA (yellow) is looming above our head and the last hourly candlestick closed as an upside down pin, which is a reversing signal.

So, there are quite a few technical indicators signalling us to sell this pair. But, let´s wait for the US labour report to be published, so we don´t get caught up by volatility and get whipsawed.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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