Short
possible down movement
AUDUSD reached to previous high and stalled. it still has a bit room to rise further (0.73) so if you are buyer you can watch if it can break 0.726
For me I am looking at a potential downward movement starting from the current 1H 20MA point, and my SL is much lower than 0.726. Reason for me is that it's close to the weekly high and the weekly high has been a historical resistance zone for many occasions. it is currently also aligned with the 200MA on the hourly which was broken a few hours ago.
Be ware dollar is still extremely weak today.... so GL if you have similar setup
SL: 0.7262 but can be 0.7273 which is much safer
TP: fib based. watch closely if it goes down but not breaking 1.724 I may decide to close.
GL
For me I am looking at a potential downward movement starting from the current 1H 20MA point, and my SL is much lower than 0.726. Reason for me is that it's close to the weekly high and the weekly high has been a historical resistance zone for many occasions. it is currently also aligned with the 200MA on the hourly which was broken a few hours ago.
Be ware dollar is still extremely weak today.... so GL if you have similar setup
SL: 0.7262 but can be 0.7273 which is much safer
TP: fib based. watch closely if it goes down but not breaking 1.724 I may decide to close.
GL
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.