Murali Sarma
Trade Guidance, LLC
In intraday trading today AUD/USD has turned lower after failing to decisively breach above the 0.7760 level shown on the chart below for the spot pair. The currency pair appears headed back toward a measurable SMA [50-period], which could offer support as it has since early April. Bearish momentum appears to be grabbing hold as the USD strengthens against the basket of currencies it measures against. The MACD looks to be on track to cross below its center line, and denotes markedly a bearish signal. While the AUD did fair better today as compared to the NZD, it still appears to be headed lower. We present the trade idea in an actionable table below and chart of the spot pair to allow forex traders to assess and trade. Always use stops as we have shown in the trade idea below. It allows short-term market participants to remain in the markets versus "hoping" for a price recovery to their original trade entries or decisions.
We are currently active in this trade as follows:
- Initial entry 0.77530 [Took profits on this entry at 0.773000
- Re-entry short at 0.7746 [Trade remains open targeting below previous profit taking levels]
Trade idea
Chart
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We analyze price moves while factoring the underlying fundamentals and present a tradeable set of levels twice daily without confusing verbiage which otherwise derails the short-term traders’ focus. Our goals has always been to trade what we put out ourselves while encouraging our subscribers and followers to be patient and wait for the entry/entry range while respecting stated stops while leaving the profit targets entirely to the individual. There is a risk trading currencies, futures, stocks and options and there is a risk of losing all/part or in some instances more than you originally invested. We attempt to keep you in the right side of the market with manageable risk so that you can be back trading the markets every day. Follow us on Twitter at TradeGuidance where all our ideas are presented first ahead of publication on financial news websites.
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