AUD/USD has struggled on pushes towards .6600 recently, including on Monday where a bearish reversal completed a three-candle evening star pattern—a notable topping pattern. While price signals ahead of major U.S. economic data during the Northern Hemisphere summer should be treated with extra caution, in an environment where trade uncertainty and geopolitical tensions are unlikely to be resolved in the near term, a short setup may be in order.
Should AUD/USD push back towards minor resistance at .6558 without breaking above, shorts could be established beneath the level with a stop above for protection. .6490 screens as a logical initial target, aligning with the 50-day moving average with the July 7 low located just below.
Some may look to enter around current levels, but given the caveats on the price signal, the preference is to let the setup come to you rather than forcing it.
Good luck!
DS
Should AUD/USD push back towards minor resistance at .6558 without breaking above, shorts could be established beneath the level with a stop above for protection. .6490 screens as a logical initial target, aligning with the 50-day moving average with the July 7 low located just below.
Some may look to enter around current levels, but given the caveats on the price signal, the preference is to let the setup come to you rather than forcing it.
Good luck!
DS
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