Good morning everyone, I am basing this trade on a few principles and I will state them below. 1) Transitional Turning Point: Prices don't just reverse a trend without a transitional moment. This means it's common to expect a ranging moment before a change in trend. 2) Channel Completion: The current market price action is a channel, we have created support below, the price touched it twice and failed to touch it this third time and is currently returning to the resistance above. With transitional analysis. The sell trend is not fully complete; needs more time for correction and indication of a change in trend. A confirmation that the channel support holds. 3) RSA and EMA: Looking at the 1HR, the RSI is at 78. This gives a hint of over-bought. The price is currently approaching the 200EMA which acts as a support zone. Exhaustion of any kind on the 200 EMA will trigger a short entry. 4) AUD Reported WEAKUnemployment news on the 10th Nov 2021, USD sentiment is NEUTRAL from INVESTING
NOTE: Analysis on 1 and 2 we're done on 1W,1D, and 4HR candlesticks. While 3 were made with 1HR candlestick. I'll take my trades in the 15 minutes.
NOTE: Analysis on 1 and 2 we're done on 1W,1D, and 4HR candlesticks. While 3 were made with 1HR candlestick. I'll take my trades in the 15 minutes.