AUD/USD reached an obstacle

AUD/USD reached an obstacle

2019-11-11 • Updated

Trade idea 

SELL 0.7010; TP1 0.6999; TP2 0.6955; SL 0.7025 

The market awaits the release of the US nonfarm payrolls at 15:30 MT time today. According to the consensus forecast, there will be a slight improvement in the American economic figures. To bet on the data that are in line with this forecast or better than it, one can make a bearish bet on AUD/USD. 

The pair failed to close above the declining 100-day MA on Thursday forming a candle which is very similar to a “shooting star”. In addition, AUD/USD met the downtrend resistance line since 2018. As a result, the way down is the easiest path for the AUD. 

AUDUSD.png

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