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.
YJ Baik – Forex.Today @ Tokyo