AUDUSD Sells Off Heavy From Key Resistance | Feb 12th

AUDUSD – Gets Hammered Post Employment Numbers
After giving a brief kiss to the key resistance are we mentioned in our Feb. 5th commentary, the Aussie got hammered just after posting some absolutely dismal employment numbers 30 mins ago. The pair is now down almost 100 pips since the print. I seriously doubt intra-day traders will want to buy this pair short term, and bulls long from the swing lows around the mid-86/87 range likely took profit and are unwinding most of their longs.

Any corrective pullbacks towards the intra-day key resistance area between 8980 – 9006 could be good opportunities to sell. Downside targets would be 8940 and 8878 offering at least a 2R play on the first target, and ~4.5R on the second. A daily close above 9060 will likely bring in fresh buyers, so that will be the ‘line in the sand’ for the upside.

audusd price action intra-day resistance impulsive selling 2ndskiesforex

Don’t forget to read our latest article which is a book review of Cultures of Expertise in the Global FX Markets

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Verified Profitable Trader

Hi, I'm Chris Capre, Founder of 2ndSkiesForex. I've turned $3,000 into $83,000 in my first 6 months of trading. I'm a verified profitable trader and trading mentor. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action and the Ichimoku cloud. As a trading mentor, I have one goal: to change the way you think, trade and perform using 18yrs of trading experience and cutting edge neuroscience to wire your brain for successful trading. Want to improve your trading edge and mindset? Check out my trading courses here.

Related Article