AUDUSD - Short opportunity brewing...
Having bounced at daily support around the 0.716 level, price has retested previous support around 0.7320.
Despite a poor NFP number, the dollar strengthened and this pair had a pretty bearish day.
A trend continuation opportunity is setting up. Conditions are not optimal, as the RSI is not overbought and the market conditions in general have not been great, with low volume playing a part.
However, there is a 1:1 RR should price retest recent lows, and should support break, there is a lot of space below, which could easily turn this opportunity into a 3:1.
One to watch from tomorrows open...
Despite a poor NFP number, the dollar strengthened and this pair had a pretty bearish day.
A trend continuation opportunity is setting up. Conditions are not optimal, as the RSI is not overbought and the market conditions in general have not been great, with low volume playing a part.
However, there is a 1:1 RR should price retest recent lows, and should support break, there is a lot of space below, which could easily turn this opportunity into a 3:1.
One to watch from tomorrows open...