I'm looking at an opportunity to short the AUD here.
the pair has been quite resilient lately on the back of what I consider to be broad USD weakness.
At the time of writing, AUD had just stood tall through the news of a rate cut and some weaker than expected employment figures. Technically speaking, We have seen a move lower to what looks like a potential neckline of a head and shoulders pattern of which a breakdown past the neckline could potentially trigger a larger move to the downside as market participants weigh in the underlying fundamentals.
Economic reports tonight from America that come in positive may be what we need to bring us closer to a challenge of the neckline.
the pair has been quite resilient lately on the back of what I consider to be broad USD weakness.
At the time of writing, AUD had just stood tall through the news of a rate cut and some weaker than expected employment figures. Technically speaking, We have seen a move lower to what looks like a potential neckline of a head and shoulders pattern of which a breakdown past the neckline could potentially trigger a larger move to the downside as market participants weigh in the underlying fundamentals.
Economic reports tonight from America that come in positive may be what we need to bring us closer to a challenge of the neckline.