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Trader, analyst and instructor with a 6-year experience

AUD/USD: trade idea

Authored by Kira Iukhtenko

Australian dollar is trading in the red around $0.9270, following a sharp 90-pips drop from $0.9380 yesterday.  Aussie is testing the lower border of the downward channel established on April 10.

In our view, the pair is forming a kind of a short-term top at $0.9460 (bottom of the weekly bearish Cloud). AUD has already retraced almost 23.6% Fibo from the January-April bullish rebound. The H4 Ichimoku Cloud turned bearish.

Aussie remains vulnerable for a deeper selloff. Break below $0.9260 will trigger further AUD losses. 

 

Trade idea:

Sell AUD/USD from $0.9260 with a target of $0.9210 and a stop at $0.9290

 

Chart. H4 AUD/USD

AUD
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