The AUD Has Fallen Off A Cliff: Great Risk/Reward
Rowan Crosby•Thursday, October 26, 2017•1 min read
Yesterday I wrote that I was really hoping for a weaker than anticipated CPI reading for Australia. My reasoning was that because we already had strong momentum to the downside, then any more negative news would send us tumbling.
As it turns out, that is exactly what happened.
The big support level at 0.7750 got taken out quite comfortably and we are now still very much in a big downtrend. Just taking a look at the risk/reward situation at the moment and it’s clear that the downside support level that we are going to reach next is likely to be 0.7579. If we use overheard resistance as an exit point then we are getting a decent risk-reward on a longer-term play.
And most importantly, we have a big trend and fundamentals on our side.
AUD/USD – 240 min Chart.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
ABOUT THE AUTHOR
See More
Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments
Subscribe
Login
Please login to comment
0 Comments
Oldest
Sidebar rates
Add 3442
Add 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals