In our Daily Trade Watch video, we look for high probability trade setups that we can trade throughout the day. Today, we look at a structural failure to the downside in AUSUSD.
In an environment where the dollar is a bit wishy-washy, the Aussie is a little more predictable. This market has been in a bear trend since Jan 2018 and that bear trend is still alive and well. Price is currently between two bearish trend lines and is looking to push lower. However, it needs to break the structural low of 0.6768 before we can consider it as a high probability selling opportunity.
It would also be beneficial to see the dollar strengthen against all the other majors also. That would give us much more confidence in the trade but we will have to wait and see on that front.
Structural Failure to the Downside in AUSUSD – Full Video Analysis
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