$AUDUSD - Trading Tip 26/Jan

The Australian Dollar appears to have reach a top post its double top attempt around 0.7606 on 4H chart. With fading volumes, and strength (RSI) indicating buying interest at current price, the $AUDUSD is set for a reversal from January highs. Further trend of Low - High - Higher Low - Higher High from 10/Jan to 22/Jan is broken by Lower Highs - Lower Lows in last couple of days. 50-SMA followed closely and reversal towards 100-SMA is nearing.

Take a short trade at current level, profit targets can be set at initial support at 0.7515 and then 0.7463, for intra-day profit making opportunity. For patient investors a further lower profit target can be set at 0.7350. Stop loss remains at most recent double top highs, i.e. 0.7606