Currently: Short Looking to: Cover @ 0.58067
As of 8/7/20 close: 0.71572
LAST WEEK: We suggested shorting AUDUSD at 0.71891 with stops on a weekly close above that level and with a target of 0.58067.
UPDATE: AUDUSD tested our projected weekly closing resistance at 0.71891 and then backed off quickly last week. While not directly correlated to the price of crude oil, there is clearly a strong relationship there. As we believe crude will trade lower from current levels, we also believe AUDUSD will trend lower from current levels. We would get short of AUDUSD with stops honored on a weekly close above 0.71891 and with a tgt. of 0.58067.