The Aussie Dollar currency continues to weaken against the US Dollar and is currently bearing down on strong support levels. Following the strong aussie rally at the start of the year the double top in February stopped the upside momentum in its tracks and since then we have made a series of lower low and lower high moves off the 1.8000 level.
With the EURUSD & GBPUSD pretty rangebound of late it has been the AUDUSD that has shown trend traits on the Solas M Series Portfolio. Picking up a short signal at 1.0550 at the start of March following a break lower on the February consolidation the Aussie has continued to extend its downside weakness against the Greenback and is currently barrelling down on the next significant support at 1.2000. A break of this level paves the way for a move to 1.0000 parity.
At this juncture all risk has been taken off the M Series Portfolio trade as the dynamic stop loss has contracted lower in line with falling price action and currently lies @ 1.0436 and in excess of 100pips profit locked in.
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