During Asian hours today, AUDUSD pair dropped dramatically (again!) due to the news of Devaluation of Yuan.

I would like to sell the rally.

My sell zone is around 0.7280 area, which is a role-reversal resistance, as well as Fibonacci 50% level.

Once I see the reversal price action on M5, I will go Short.  The target will be Fibonacci extension 138.2% (0.7172 area).  Of course, it would also make sense to take profit at DM1 (0.7214) or DS2 (0.7185), as these pivot points are Profit taking points.

 

2015-08-12_14-47-39-AU-Short

 

Happy Tradin’

 

 

YJ Baik – Forex.Today @ Tokyo

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