AUD/USD Weekly Signal- July 2, 2014

By DailyForex | July 01, 2014 AAA

By: John Ursus

Timeframe: W1

Recommendation: Short Position

Entry Zone: 0.9480 – 0.9530

Take Profit Zone: 0.9000 – 0.9050

Stop Loss Zone: 0.9600 – 0.9630

The AUDUSD has rallied strongly since the middle of January. The rally took this currency pair from an intra-day low of 0.8659 to an intra-day high of 0.9504 where it currently trades. Now this currency pair is trading at a very strong 50.0 Fibonacci Retracement Fan where it is likely to face an increase in selling pressure.

Forex traders should be careful around current levels, but expect a correction back down to its 38.2 Fibonacci Retracement level. Any rallies higher from current levels should be taken as a good opportunity to enter new short positions. Upside potential is currently rather limited while downside potential is very attractive.

AUDUSD Signal 7214

comments powered by Disqus
Related Forex Analysis
  1. Yen Drops, Aussie and NZ Dollars Rise on GPIF Asset Allocation Change
    Forex News

    Yen Drops, Aussie and NZ Dollars Rise on GPIF Asset Allocation Change

  2. AUD/USD Awaiting Break From Range For A Clearer Directional Bias
    Forex News

    AUD/USD Awaiting Break From Range For A Clearer Directional Bias

  3. AUD/USD Technical Analysis: Ranging in Familiar Territory
    Forex News

    AUD/USD Technical Analysis: Ranging in Familiar Territory

  4. The US Dollar’s Moment of Vulnerability
    Forex News

    The US Dollar’s Moment of Vulnerability

  5. AUD/USD Forms Nice-Looking Hammer
    Investing

    AUD/USD Forms Nice-Looking Hammer

Trading Center