AUDUSD: The uptrend is over?
|AUDUSD reversed from 0.7812, exactly rejected by monthly Ichimoku Tenkan-sen.
Price already dropped below uptrend channel and threatens to close back below 200 week MA.
We suspect the uptrend is already over.
If so, today ideally should not close above 0.7750.
Directly close back above 0.7812 will negative this view.
AUDUSD Trade Idea:
Sell at market, spot 0.7724, add 0.7747, stop 0.7813 for 0.7574.
Click on the image to enlarge
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.