Set-Up: POTENTIAL REVERSAL
Strategy: SELL A RALLY
Key Level: 0.7176
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
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