[B]My picks:[/B] Sell AUD/USD on Break Below 0.7900
[B]Expertise:[/B] Fundamentals Combined With Technicals
[B]Average Time Frame of Trades:[/B] 1 Day - 1 Week
AUDUSD has been holding within a rising channel formation for the past month, with trendline support looming below at approximately 0.7920. The surge in the US dollar today has been weighing the pair down, but the greenback has generally made more headway again lower-yielding currencies. Daily RSI has fallen from overbought levels and Wednesday’s bearish engulfing candle suggests we could see further declines. That said, the trend remains bullish, and as a result, I am looking for a break out of its channel before selling the pair. While the trendline is currently closer to 0.7920, I would prefer to see a push below Thursday’s low of 0.7885
EURUSD Update: Currently in the money and looking for a drop toward 1.3620, though we really need to see a break below 1.4000.|
USDJPY Update: The US dollar surge this morning stopped out trade out at 97.15.