The AUD Has Fallen Off A Cliff: Great Risk/Reward - Forex News by FX Leaders

The AUD Has Fallen Off A Cliff: Great Risk/Reward

Posted Thursday, October 26, 2017 by
Rowan Crosby • 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

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

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

Leave a Reply

avatar
  Subscribe  
Notify of