AUDUSD: The uptrend is over?

Yue Wang LinoCapital

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

Author

Yue Wang

LinoCapital

Master's Degree in Hepatobiliary Surgery. 

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