Hello Traders,
I am anticipating downside for the Aussie, based on a few technical points.
1. Daily channel (Dark Blue Line) was broken on 4H and retested last week for a leg lower.
2. 50 EMA is currently being tested and holding as resistance on the 4H TF.
3. Lots of confluence in the light orange rectangular box which is a previous supply zone & price is now just above the 50% fib level.
4. Bullish PA has stalled which can be transitioning for incoming selling pressure.
Also, XAU/USD has been absolutely slaughtered and the Aussie has yet to show any big sell off as gold is one of their top exported commodities.
Feel free to share your thoughts, thank you.
I am anticipating downside for the Aussie, based on a few technical points.
1. Daily channel (Dark Blue Line) was broken on 4H and retested last week for a leg lower.
2. 50 EMA is currently being tested and holding as resistance on the 4H TF.
3. Lots of confluence in the light orange rectangular box which is a previous supply zone & price is now just above the 50% fib level.
4. Bullish PA has stalled which can be transitioning for incoming selling pressure.
Also, XAU/USD has been absolutely slaughtered and the Aussie has yet to show any big sell off as gold is one of their top exported commodities.
Feel free to share your thoughts, thank you.
Trade active
Short position opened @ 0.69131Targeting 0.68200 for TP # 1
TP 2 will be next leg lower @ 0.67800
Note
+35 pips in profit, moving SL to entry.Currently risk free trade.
Trade closed manually
Target is near but I will be closing this trade now.100+ pips in profit.
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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.