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Selloff

AUDNZD DAILY SHORTIM ALREADY SHORT IN THIS PAIR BUT IF PRICE RETRACES AND TAKES ME OUT OF THE TRADE THEN THE NEXT LEVEL I'D LOOK TO SELL IS AT MY CLUSTER ZONE/SELL ZONE. IVE GOT LOADS OF CONFLUENCES AT THIS LEVEL WHICH ARE THE 0.5 AND 61.8 FIB, SUPPORT TURNED RESISTANCE STRUCTURE LEVEL, MAJOR TRENDLINE, DYNAMIC RESISTANCE (50 MA) AND A NICE PSYCHOLOGICAL ROUND NUMBER (1.03000). Another confluence is this trade setup is in line with the fundamentals because the RBA (reserve bank of Australia) said there is a possibly there could be another rate cut in the period ahead.
Short
by remelthomas
1
AUDUSD 4 HOUR CHART SHORTI'M ALREADY IN A SHORT POSITION BUT IF PRICE RETRACES UP TO MY SELL ZONE I WILL LOOK AT PRICE ACTION TO ADD IN ANOTHER POSITION AND TARGET 0.75000. I STRONGLY BELIEVE WE CAN GET TO THERE IN THE SHORT TERM BECAUSE THE LABOUR MARKET IN THE U.S KEEPS COMING OUT GOOD WHICH WILL HAVE INVESTORS/TRADERS SPECULATING A RATE HIKE AS EARLY AS JULY. ON TOP OF THAT AUD CURRENCY IS STILL OVERVALUED AND THE AUSTRALIAN GOVERNMENT SAID HE.LL LIKE TO SEE AUD REACH 0.75000 WHICH IS ADDED CONFLUENCE THAT ITS ONLY A MATTER OF TIME UNTIL WE GET THERE. AUD IS DOVISH WHILE THE FED IS HAWKISH SO WE'VE GOT A GREAT DIVERGENCE ON THIS PAIR.
Short
by remelthomas
1