Currency Pair: AUDUSD
Action: Sell Limit @0.7770
Stop-loss Price: 0.7809
Profit Target/ Exit Strategy: 50% at 0.7689 and 50% at 7591
Risk/Reward Ratio: 2.25 on first half and 4.5 on the second half
Time Frame: Short-term
Order Good Till: Cancelled
Comments: Wednesday’s bearish signals for the AUDUSD were initially confirmed with losses of ¼ Big Fig. However, a complete reversal in New York has seen sentiment rally by over 2 Big Figs from the day’s .7591 base. The bounce is potentially temporary and it has attracted sellers in Asia this morning at the 50 day average rate. Signals aren’t strong though and the outlook for Thursday is to cautiously sell on the open and then at .7770 with a stop loss at .7809, today’s Asian high. Targets are to .7689, a 62% pullback to yesterday’s gains and .7591, yesterday’s low trade.