AUDUSD H4
After taking out the major 1:1 (Yellow) and 50 Fib (Purple) the Aussie has continued to slid with the bears now pushing for large stops that are likely sitting just below the 2015 lows at 0.75320.
AUDUSD H1
The smart money has been seen selling the Aussie on a number of 1:1 rally’s in recent time with today’s 1:1 (Blue) attracting some solid selling interest ahead of the Private Capital Expenditure q/q which came in at a worse than expected -4.4% vs -2.3% sending the Aussie 90 odd pips lower in the minutes following the data.
Moving forward selling the Aussie on any decent move back towards the 38.2 Fib at 0.78600 looks to be the best play in my opinion.
* A 1:1 refers to a current correction being equal in length to a prior correction
Reece Marini is an FX trader and Director of the http://forexhft.com an instant Forex rebate and Signal provider, if you would like to subscribe to our daily reports you can do so here its FREE