The Australian Dollar (AUD) rebounds on Monday, despite a slight dip in the US Dollar (USD) and higher US Treasury yields. Investors are eyeing Australian monthly Consumer Price Index (CPI) data for February and US Gross Domestic Product (GDP) for Q4 2023. The AUD gains momentum as the ASX 200 Index rises, especially in mining and energy sectors. Additionally, the Aussie...
AUD/USD turned down
2019-11-11 • Updated
Trade idea
SELL 0.6785; TP1 0.6765; TP2 0.6735; SL 0.6795
AUD/USD made another attempt to close below the 50-day MA at 0.6845 and this time it was successful. The pair has formed a top and can have another go at the lower levels as it resumes the general downtrend.
So far, AUD/USD has reached the 50% Fibo retracement of the September advance at 0.6790 (100-period MA on H4). The decline below this level will open the way down to 0.6765 (61.8% Fibo) and 0.6730 (78.6% Fibo).
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