AUDUSD traded above 23.6 ret (0.7280) of this year downtrend and bulls should target the next retracement level around 0.7450.
It's interesting that these levels coincide with 100 and 200-day SMA.
In addition, there is a potential bearish shark pattern with completion around the target mentioned above.
Stop loss below 0.7250.
It's interesting that these levels coincide with 100 and 200-day SMA.
In addition, there is a potential bearish shark pattern with completion around the target mentioned above.
Stop loss below 0.7250.
Trade active
Note
bounce from 0.7150 support - 200 hour SMA, trendline and 50% retracement of 13Nov to 16Nov high. Lets see if it can rise back above 0.7280
Note
AUDUSD failed to hold above 0.7280 yesterday and drop to test 0.7200 near 78.6 retracement on hourly chart before bouncing back above 200hour EMA. Failure to stay above 0.7280 (23.6 fibo) could risk a drop to 0.7150.Cut loss previous position and re-entered long at 0.72295.
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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.