As we noted earlier in 15 Aug, AUDUSD will face strong resistant when it move to 0.9330 – 0.9370 zone and it already happen yesterday. After 3 days trading around 0.9330 area, yesterday price made a false move to 0.9345 and Aussie dollar was pushed down and closed at 0.9300 level. The market already shown a strong rejection in this area and the sellers is clearly in control now.
The bearish momentum is strong now and traders can get in short to join the down trend.
Forex Trading Signal:
Traders can short AUDUSD at market open with stop above yesterday high or wait for a retracement to joint the down trend with smaller stop. Target will be 0.92100 – 0.92300.
-0.9500 – 0.9540
-0.9440 – 0.94650
-0.9330 – 0.9370