Recommendation for AUD/USD: Sell
Sell Stop: Below 0.7254
Stop Loss: Above 0.7297
On 1-hour timeframe AUDUSD: H1 is retracing under the 200-period moving average MA(200) which has leveled off. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 0.7254. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 0.7297. After placing the order, the stop loss is to be moved to the next fractal high, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Australia’s unemployment rose in October less than expected. Will the AUDUSD retreat continue?
This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.