With USDOLLAR weakness I like the AUDUSD long

11 בינו׳ 2014

From a weekly perspective we are making a double bottom. CCI(20) has signaled above -100 last Friday indicating a buy. We held channel support and the 76.4% retracement. I like a long with a 6 week time horizon for a retest of the upper part of the channel. Obvious stop below the recent low of 0.8830. That's over 5:1 reward/risk ratio if we see 1.0000 again.