Yesterday's sharp fall in AUD/USD from 0.6834 attested to the idea that the Dollar strength is returning at the start of 2023. The current rebound from last night's low of 0.6688 appears to be a zig-zag and may extend higher to challenge yesterday's high of 0.6834. If so, this gives us another opportunity to sell at/near yesterday's high.
Assuming such a rally does not exceed the December 13 high of 0.6892, this short-selling setup may yield a decline towards the 0.6600 handle.
#1 Sell Limit @ 0.6830 - Wed, Jan 4, 13;23pm. Sell Order Filled - Wed, Jan 4. 15:32pm
Stop @ 0.6910. Stopped Out @ 0.68203. Fri, Jan 6, 23:19pm.
Target @ 0.6600.
AUD/USD fell to as low as 0.6735 overnight, confirming the immediate bearish outlook. This morning, we saw a 3-wave rally attempt that possibly peaked at 0.6788. It is possible, this pair may resume its fall towards the 0.6600 level next.
#2 Sold @ 0.67852 - Fri, Jan 6, 11:25am.
Stop @ 0.6850. Stopped Out Sat. 00:10am -$246.24
Target : 0.6600