AUDUSD failed to breach resistance - Short-term short
AUDUSD1. Price has reached strong resistance at 0.79184
2. Price has formed a shooting star at strong resistance
3. Price has failed to close above strong resistance 3 times, therefore we are able to place a tight stop-loss just above recent high with take-profit at 0.78875, yielding a high reward-risk trade (>4).
4. Failed to close above resistance with high volume, dismissing the possibility of a break-out
5. Volume is decreasing -> closed below average
6. Downwards curl by fast MA and lower high on momentum histogram.
7. Divergence of MACD histogram and short-term trend
Expecting price to retrace to minor support level of 0.78491.
Note
stop-loss reached
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.
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.