Not the most convincing of moves so far it must be said. Let’s take a look at some possible levels .
We can see on the hourly chart below that the support area we have been watching was taken, and after a little wiggle settled below. I had a sell order in at 0.7620 (red arrow) and was lucky to stay in the initial move as price rebounded .Still plenty of fight left in the Aussie so it seems .
AUDUSD-H1
Looking ahead with a wider view at the daily chart below I can see a target for my short if this move were to gain some downside momentum. The 50% of the January 2016 low – September 2017 high comes in around 0.7475. We also have a long standing trendline joining price from the same period. Realizing I could be getting ahead of myself here, but that would be a natural target to the short-side and a good area to swing a long trade .
AUDUSD-Daily
Philosophy: "Trading rules.....it most certainly does"
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