Short opportunity on AUDUSD daily, trend and fib based
Though there is a large recent rally, the overall trend is still down. Both on the daily and weekly charts. Therefore I am looking for shorting opportunities with retracements within the long term trend. The Aussie has just hit the 61.8% retracement zone, which lines up with recent lows established before the large movement lower during March.
It has also not passed the 100 day moving average. Therefore it hasn't made a new higher high, which would be needed past 0.67. The stochastic is also looking overbought. Therefore one could enter now. A 20 day ATR gives us a stop just above 0.645. I would look to take 2 profit areas, first TP at 0.551 and the second at around 0.4922.
It has also not passed the 100 day moving average. Therefore it hasn't made a new higher high, which would be needed past 0.67. The stochastic is also looking overbought. Therefore one could enter now. A 20 day ATR gives us a stop just above 0.645. I would look to take 2 profit areas, first TP at 0.551 and the second at around 0.4922.