DESCRIPTION:
AUD/USD is still in the strong and healthy bearish situation, it has already been indicated by the fact all the three Moving Averages still have a "Death Cross" formation pattern. As long as the 1.0292 is not breached by this currency, it still has a strong bearish momentum.
Recommendation:
SELL stop (pending order) at 1.0241.
Take profit 1 at 1.0224.
Take profit 2 at 1.0195 (optional).
Stop loss at 1.0270.
Alternative:
BUY stop (pending order) at 1.0297.
Take profit 1 at 1.0309.
Take profit 2 at 1.0329 (optional).
Stop loss at 1.0277.
Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
Disclaimer:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.