Entered a short trade in the AUDUSD today!
Looks like the price got rejected by the uprising trend line in the daily chart. Trend line is confluent with the 161.8 fibonacci extension of the latest range.
At a first glance it looks like we're trading against the trend. But if you look at higher timeframes like the weekly or monthly chart we're still in a down trend. So in my opinion it's a medium risk trade.
Short term goal is around 0.7960 (price might struggle there because it is reaching a significant level)
Long term goal is around 0.7820 (low of the previous wave + former high)
Best wishes and good luck,
the untypical trader guy
Looks like the price got rejected by the uprising trend line in the daily chart. Trend line is confluent with the 161.8 fibonacci extension of the latest range.
At a first glance it looks like we're trading against the trend. But if you look at higher timeframes like the weekly or monthly chart we're still in a down trend. So in my opinion it's a medium risk trade.
Short term goal is around 0.7960 (price might struggle there because it is reaching a significant level)
Long term goal is around 0.7820 (low of the previous wave + former high)
Best wishes and good luck,
the untypical trader guy
Note
Update September 15:First goal was reached! Let's see if price will move further down
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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.