AUD/USD: Australian dollar suffered a huge setback.
|What happened in the last 8 hours of trading
AUD/USD: The Australian dollar fails to hold at 0.73680 support as indicated in my previous update and suffered a massive blow pushing prices all the way down to 0.72796 before finding temporary relief at around 0.73208
What is going on now
AUD/USD: The Australian dollar is currently trading at 0.73185 just a few ticks below 0.73208 and attempts to push through. The pair needs to break and hold above 0.73208 to continue to progress to the upside. The current breakout point to the upside is estimated at around 0.73300.
My thoughts on what may happen
AUD/USD needs to break and hold above 0.73300 to continue the upside. We might see a temporary rush to the upside but be extra careful if you decide to take a position to the upside.
The latest price swing has provided a fantastic short sell trade opportunity, and I think the short sellers a still in play and would drive prices up before dumping again.
It is best to wait for a clear direction before planning on taking any position.
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