Top trade idea for March 17th, 2016 – AUDUSD
By Mircea Vasiu on Mar 17, 2016 10:45:30 GMT
AUDUSD reaching the 61.8% retracement level here and that is a nice place to try a short position as wave a of a lower degree, in purple, most likely will end around these levels.
The move from the lows is not looking impulsive, but corrective, and this calls for a retracement beyond the 61.8% level so 0.7200 area should come into play sooner rather than later.
FOMC statement the other day unleashed a lower US dollar all over the dashboard as Fed slashed the number of hikes this year to two instead of four. This sent the currency lower and it’s the reason why the AUDUSD is surging.
However, I would like to fade this move with a stop loss at 0.7800 as if we go that high it means wave b in green is completed.
This trade is for the brave ones as we’re trying to pick a marginal top here with this AUDUSD, so make sure you trade it accordingly.
About Mircea Vasiu
Mircea Vasiu has an MBA in International Business from an American University, graduating Magna Cum Laudae. He has been a professional trader for the last 8 years and is involved in various educational projects for different financial companies. He also runs a trading signal for the currency markets at www.capitalpropertiesfx.com.
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