In today’s free forex signals service we have a sell order on the AUD/USD pair.
The AUD/USD pair is plunging at the time of writing and it seems determined to approach and reach fresh new lows. The Dollar Index (DXY) has finally managed to jump far above the 93.42 level which represented a strong static resistance.
3 Free Forex Every Week – Full Technical Analysis
DXY also jumped above the 93.72 upside obstacle where it could find temporary resistance. A temporary retreat could help us to catch fresh long opportunities in the US Dollar. The US Dollar is still bullish even if the CB Consumer Confidence dropped from 115.2 to 109.3 points.
The economic indicator came far below 115.2 estimates. Also, the Richmond Manufacturing Index, HPI, and the S&P/CS Composite-20 HPI, Prelim Wholesale Inventories, and the Goods Trade Balance have come in worse than expected.
If you are looking to get into automated forex trading, then read our comprehensive guide.
Australia retail sales drop
The Australian Retail Sales registered a 1.7% drop in August less versus -2.5% expected and compared to a 2.7% fall in July.
Unfortunately, the AUD/USD pair failed to stay higher as the USD was boosted by the DXY’s rally.
Technically, the pair maintains a bearish bias as long as it stays within the descending pitchfork’s body. Its failure to retest the upper median line (UML) may signal a deeper drop. The 0.7220 former low is seen as support.
A new lower low, a valid breakdown through this static support could activate a larger downside movement. The median line (ML) could attract the price as long as the AUD/USD pair stays within the pitchfork’s body.
Free forex signals – Sell AUD/USD at 0.7201
My Trading Opinion
Instrument: AUD/USD
Order Type: SELL STOP
Entry price: 0.7201
Stop Loss: 0.7315
TP1: 0.7074
My Risk: 1%
Risk / Reward Ratio: 1:1.12
Looking to trade forex now? Invest at eToro!
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
Share
