Good afternoon team,
The market sentiment is quickly deteriorating due to the second wave of corona-virus. It looks to be only a matter of time before a potential second wave of lock downs across the globe.
The AUD has surged over the past number of weeks due to reopening, therefore we see this currency being the number one casualty if lock downs come back into the equation.
We are now looking to enter a short on the AUDUSD.
AUDUSD – Daily Time Frame
There has been a break of an inclining trend line followed by a retest of the same trend line. There has also been a lower high on the daily time frame suggesting a change in momentum.
Trade Setup: SELL Market execution, current rate 0.6865, stop loss 0.6955 and take profit left to run but targeting the 0.6685-0.6565 level.
Stop loss: 90pips
Take profit: 180-300 pips