Forecast – BEARISH

Date Posted:       6 Jan 2020

Currency Pair:     AUDUSD

Current Trend:    SIDEWAYS

Forecast Move:    DOWN

Key Tech Level:    0.6921

Potential Opportunity

Trade Action:   SELL

Stop Loss          0.6934        -25 pips

Entry                  0.6909

Take Profit        0.6834       +75 pips

Chart & Forecast Details

The Aussie dollar enjoyed the Xmas/New Year break and had a nice rally up to 0.7030. To me that’s an interim high and I’m expecting any weakness in the Australian data to drive the AUDUSD lower. On top of that, the current national bushfires will see a huge drop in economic activity and could push the Aussie economy into recession.

Key Trade Day: Friday 10th Jan – Retail Sales

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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