Traders can consider this technical sell trade.
Stoch is above 80 and crossing, while price action is testing technical resistance and 21EMA on a daily chat. On the 4H chart, the price is due to a correction and I expect a pullback and a double bottom at support. Risk reward is also reasonable.
The risks to this trade are fundamental drivers, and reduction in the USD bullish positioning which might drive AUDUSD higher although, now one is buying AUD. #shortcovering.
Stoch is above 80 and crossing, while price action is testing technical resistance and 21EMA on a daily chat. On the 4H chart, the price is due to a correction and I expect a pullback and a double bottom at support. Risk reward is also reasonable.
The risks to this trade are fundamental drivers, and reduction in the USD bullish positioning which might drive AUDUSD higher although, now one is buying AUD. #shortcovering.