AUDUSD failed to breach resistance - Short-term short
Updated
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
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