13 Feb 2014
Flash: AUD/USD, retest of 8980/9006 opportunity to sell - 2ndSkies
FXStreet (Bali) - AUD/USD looks set to suffer short term, with the change in sentiment likely to provide opportunities to sell on strength, notes Chris Capre, Founder at 2ndSkies Forex.
Key Quotes
"After giving a brief kiss to the key resistance area we mentioned in our Feb. 5th commentary, the Aussie got hammered just after posting some absolutely dismal employment numbers 30 mins ago."
"The pair is now down almost 100 pips since the print. I seriously doubt intra-day traders will want to buy this pair short term, and bulls long from the swing lows around the mid-86/87 range likely took profit and are unwinding most of their longs."
"Any corrective pullbacks towards the intra-day key resistance area between 8980 - 9006 could be good opportunities to sell. Downside targets would be 8940 and 8878 offering at least a 2R play on the first target, and ~4.5R on the second. A daily close above 9060 will likely bring in fresh buyers, so that will be the 'line in the sand' for the upside."
Key Quotes
"After giving a brief kiss to the key resistance area we mentioned in our Feb. 5th commentary, the Aussie got hammered just after posting some absolutely dismal employment numbers 30 mins ago."
"The pair is now down almost 100 pips since the print. I seriously doubt intra-day traders will want to buy this pair short term, and bulls long from the swing lows around the mid-86/87 range likely took profit and are unwinding most of their longs."
"Any corrective pullbacks towards the intra-day key resistance area between 8980 - 9006 could be good opportunities to sell. Downside targets would be 8940 and 8878 offering at least a 2R play on the first target, and ~4.5R on the second. A daily close above 9060 will likely bring in fresh buyers, so that will be the 'line in the sand' for the upside."