Set-Up: POTENTIAL REVERSAL

Strategy: SELL A RALLY

Key Level: 0.7176

Target: 0.7000

How We See it Playing Out

The Australian consumer sentiment numbers take a nose dive right at the same time the AUDUSD breaks through daily resistance around 0.7175. With an increase in Covid lockdowns imminent I can only see the AUDUSD falling back to 0.7000.

The ideal level to get short is back towards trendline resistance at 0.7176.

AUDUSD Hourly Chart

Brad Gilbert

CEO & Founder of Traders4Traders – Brad has been trading for 28 years and was a former Chief FX Trader for Citibank. Brad trades all markets and all timezones.

Trades: EUR, GBP, AUD, NZD, CAD, JPY, CHF, DOW, SP500, OIL, GOLD

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