AUDUSD – Bearish Price Action Below 7370, Am Currently Short | May 19

AUDUSD – Bearish Below 7370 (daily chart)
Having a hellacious few weeks post the RBA rate cut, the Aussie has sold off 8 of the last 13 days. Upon the way down, the pair broke a key support level in 7370 which will now act as resistance on any rallies.

I’m currently short Aussie (via a spot fx position) and through a long put option (expiry Q4 2016) which I took just before the FOMC minutes yesterday.

I’m both structurally and contextually bearish on the price action while the pair is below the 7370/7400 level on a daily closing basis. Downside I’m expecting further losses, first towards 70 with scope for a potential move down towards the 68 handle.

audusd price action trading 2ndskiesforex

 

NOTE – I have open positions on the following instruments
XAUEUR
CADJPY
CHFSEK
TRYZAR
GBPUSD
USDCAD (am pyramiding into two positions)
AUDUSD
Vanilla Put Option on AUDUSD
TSLA

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Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

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