Choppy waters ahead (AUDUSD)
After the flash crash we have started to form another minor top which is attracting selling interest. Yields are in play again (see related ideas) and we see scope for another leg lower.
The December highs will cap any upside as large funds are sitting there. Expect a test of the 61.8% at .6905 will attract some buyers.
We now know AUDUSD has traded briefly under 0.70 in 3 of the past 5 years. So we should form a short-term base.
Simply put we are set for some choppy waters, and this leg highlighted will offer inside range trading with opportunities on both sides.
Good luck to those in this or looking for positions.
The December highs will cap any upside as large funds are sitting there. Expect a test of the 61.8% at .6905 will attract some buyers.
We now know AUDUSD has traded briefly under 0.70 in 3 of the past 5 years. So we should form a short-term base.
Simply put we are set for some choppy waters, and this leg highlighted will offer inside range trading with opportunities on both sides.
Good luck to those in this or looking for positions.
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