Cracking 78 Cents is the Key for the AUD: Big Rewards!
It only feels like yesterday that the good old Aussie dollar was trading at 81 cents and looking rather strong. How things can change fast.
It only feels like yesterday that the good old Aussie dollar was trading at 81 cents and looking rather strong. How things can change fast.
Since the highs at 0.8120, the USD has regained its mojo and the AUD is now bearish. There have been some good opportunities to sell on the way down. So far selling pullbacks has been a great strategy, however, we have a pretty big support level at 0.7800 that we haven’t been able to crack.
Risk/Reward
Looking at the key support levels, if we are able to break through 0.7800, the next major support level, which is a swing low, is not until 0.7600. That means we are getting a great reward on that trade.
As we move into the end of the week and of course Friday’s non-farm payrolls, we might get the momentum that we need to crack 0.7800. Keep your eyes peeled for any break of this level as things could slide very quickly.
AUD/USD – 240 min Chart.
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