After a stonking run higher we’ve seeing some weakness creep into the Aussie.
Helped along by a more Hawkish tone from the Fed..- The top of the channel did indeed give the reversal sign last week as posted here. Now is the difficult part, namely where to close a winner / or take partial profits.
Glancing at the chart there is no obvious level in sight – So I have opted to hold and aim to take half profits down at the 23.6% of the move higher from the beginning of December last year, also the channel bottom. I’m wary of a flip back and retrace here, so watching the candles for clues as always.
In the event of a retrace higher I will be looking to add / renew a short position at the underside of the lower channel line.
The sell position re- posted below …..Really could not have been clearer with hindsight;
—Update 12:32 pm GMT——-