$AUDUSD | Sell Trade | Market Exec |

٢٩ أغسطس

Technical Confluences:

• Price is at Overbought conditions Daily timeframe
  
• Price action is close to a resistance trendline and entering an Interest Zone
  

Fundamental Confluences:

• Very similar to the NZDUSD posting I did, all other Central Banks in the DM space wanting to cut rates, it negates off the yield premium that NZD would be getting against USD
  
• Market is consolidating after all the USD sell-off and profit-taking mood before NFP is likely to happen
  
• AUD being a commodity currency is greatly affected by China's economic performance and it is currently still looking bleak
  

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I have also taken a Short position in the AUDUSD trade and monitoring that the Resistance trendline and Interest Zone don't break.

Within the Orange Zones, I will look to add position if I see further support that the Resistance will hold

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