Copper, AUDUSD and USDCLP: intermediate term top in place
Updated
We can look for shorts (in the case of AUDUSD might be better for wait to enter on a retracement) in these instruments.
It's evident we have failed to break resistance in AUDUSD and that USDCLP is forming a nice turn at the lows in the daily, which nicely correlates to Copper forming a double top here, with plenty of downside to be seen.
Clearly, bears are involved and we can take a nice position at market, with stops 1 tick above 2.301 ideally.
Today's price action justifies assuming AUDUSD and its crosses have reversed for the time being, at least in the intermediate term, and it's safe to fade the recent advances in them.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
It's evident we have failed to break resistance in AUDUSD and that USDCLP is forming a nice turn at the lows in the daily, which nicely correlates to Copper forming a double top here, with plenty of downside to be seen.
Clearly, bears are involved and we can take a nice position at market, with stops 1 tick above 2.301 ideally.
Today's price action justifies assuming AUDUSD and its crosses have reversed for the time being, at least in the intermediate term, and it's safe to fade the recent advances in them.
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers,
Ivan Labrie.
Note
Good progress.Note
Need a new low asap, Closing as an inside bar would make me wary of shorting copper here.Note
Waiting for the daily close, I bailed from audusd shorts.Trade closed manually
Since we didn't have a new low yesterday on close, this trade was invalidated as I mentioned.
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