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AUDUSD is up against key horizontal and trendline resistance at the 0.7620/30 level. This sets up a short opportunity with a good risk:reward ratio. On a break above this area, we can easily see a short squeeze toward the 0.7730 area as bears throw in the towel. If this happens, we would likely see across the board dollar weakness with the euro and pound also going higher. Liquidity will still be lower than average on Friday because many US traders will still be on their Thanksgiving extended w…
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AUDJPY trade idea
Going into the US Thanksgiving holiday, I am keeping an eye on a non-USD pair: AUD/JPY.
JPY has showed relative strength, even on days where equities have been going up. Conversely, the AUD has been showing weakness, even on the back of rising commodity prices in recent weeks. Therefore, I believe that shorting the AUD/JPY is the right trade based on a fundamental analysis (my directional bias).
From a technical perspective, the pair is at support, which is the upper part of the trading range f…