After my Weekly Trade Preview, I was looking at shorting AUD/USD into resistance on any weak looking push up and on the hourly, we have a setup playing out.
We pushed into resistance without momentum while testing the short term trend line as well. This lack of momentum makes it feel like the push up is going to fail, and combined with my overall view of bearish below the major channel break I’m playing from the short side.
Trade Idea: AUD/USD short. Into resistance with no momentum in a larger downtrend. Fade.
I don’t want to talk about what is happening with the siege in Sydney while people are still at risk but from a trading perspective, just note that there could be some liquidity issues added to the fact we are already heading into the Christmas/New Year period. Be prepared for low liquidity and news related spikes.
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