Australian Dollar—The Australian dollar In the June contract is currently trading lower for the 2nd consecutive session down another 18 points at 6910 as I have been recommending a bullish position from around the 6979 level and if you took that trade continue to place the stop loss under the contract low which stands at 6868 as an exit strategy.
The Australian dollar is now trading below its 20 & 100 day moving average as the trend has turned, but I will not 2nd guess as I will keep the stop loss at the proper level. Volatility at the present time remains low as this can be a highly volatile currency, however for the bullish momentum to continue we’re going to have to break the June 7th high of 7024 in my opinion.
If you take a look at the yearly chart prices are right at a 5 year low as this has been in a longer-term bearish trend for quite some time as the risk on this trade going forward is about another $400 plus slippage & commission.
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