Let’s Short the AUD: Here’s Why!

Posted Tuesday, October 10, 2017 by
Rowan Crosby • 1 min read

As I mentioned earlier in the session, the Aussie is setting up to be a nice selling proposition. I’ve also previously said that we will likely break through the current support level shortly and as it stands the pullback here presents a great opportunity to short.

FOMC minutes are due out late today and will likely be the key driver. However, things have gone a little quiet in the leadup. That said for those who are willing to take on the longer-term move and ride any volatility, then I feel 0.7800 looks a good level to short.

 

On the 240-min chart we have:

  • The 50-period SMA

  • Resistance at 0.7800

  • Higher time frame momentum to the downside

  • Fundamentals pointing to a sell

 

AUD

AUD/USD – 240 min Chart.

 

The FX Leaders team also have a current sell signal out on the AUD so it’s fair to say the consensus is bearish at the moment.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments