Trade of the week AUDUSD

Trade of the week – AUDUSD rejected from an upside resistance

 

Our previous trade of the week had a good profit now to a new one

 

Our trade of the week is AUDUSD. The instrument is testing the 0.6870-0.6900 zone where is a strong resistance as it can be seen on a weekly chart. We are looking for a big rejection from this zone which will open a new 250 pips downside swing. A confirmed daily close above this zone is required for the downside invalidation.

 

On a daily chart, we can see that the pair is rejected from the upside resistance zone with a big bearish shadow candle. This retest is giving us a good short trade opportunity which will increase the probability of a huge profit in the case of a break below 0.6870. Based on this you can place a short trade entry with a stop loss above the 0.6900 level. The target is 0.9700 at least. ARMAT trading system is indicating a potential 200 pips of profit.

 

We have used the combination of the top-down trading analysis to get these key levels explained in the charts.

Happy trading! (click on the chart to enlarge it)

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