Hello traders welcome to a new trading day. So today I have looked at the charts and I do not like what I see.This is all about the dollar and I feel we have to watch the dollar index chart today as we trade. The dollar is very weak with the Fed making no decisions on a hike. There is no data in London session today and a lot of data in the US session so be alert to that traders.
OK traders let us take a look at this crazy currency pair the AUDUSD- This is the 30 minute chart.This pair on this chart is bearish as I see sell off some time in the NY session. So my plan is to stay with the trend and I have placed a trend line on the chart this is after the bad data released in the Asia session. I am looking for a break down from the trend line and 200 ema. I would like to sell this at price of 0.7295 and take profit at support. The support is at the S1 pivot and the price is 0.7224. I would expect this to continue to sell off for some time today.
Thank you traders and talk soon…William