Since 2011, the Aussie has been steadily declining. Heavy price action has been highlighted above in green, and as recently as early 2016, we can see a strong resistance level around .7659.
Not only does DailyFX cite that the Aussie remains in a downtrend, a quick google search on "Australian economy slowing down" (and limiting to past 30 day results only) yields some fundamental concerns.
News headlines titled "Australian economy 2016: 'Worst economic performance since GFC", "Australian economic growth looks set to slow sharply", and "Australia economy retracts for 1st time in 5 years" are among the results.
With these fundamental concerns taken into consideration, I believe a long term play is appropriate.
Taking a conservative approach, a safe stop loss order at .75675, a take profit order at .72930, will give us a 1.38 risk/reward ratio. The aim is 159 pip profit.
Not only does DailyFX cite that the Aussie remains in a downtrend, a quick google search on "Australian economy slowing down" (and limiting to past 30 day results only) yields some fundamental concerns.
News headlines titled "Australian economy 2016: 'Worst economic performance since GFC", "Australian economic growth looks set to slow sharply", and "Australia economy retracts for 1st time in 5 years" are among the results.
With these fundamental concerns taken into consideration, I believe a long term play is appropriate.
Taking a conservative approach, a safe stop loss order at .75675, a take profit order at .72930, will give us a 1.38 risk/reward ratio. The aim is 159 pip profit.