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AUDUSD has been travelling lower since it topped out in March and has now broken another important level at 0.7388, suggesting we can head back to the January lows. We can sell a rally to take advantage of this as 0.7377-88 looks like it will cap any recovery.
Management and risk description
We will iniitally risk 40 ticks, then move the stop once the first target is reached.
Entry: Sell a rally to 0.7375
Stop: Above 0.7415
Targets: 0.7290 then 0.7170
Time horizon: 2 weeks
Daily Candlestick Chart