Hey Traders!
This pair shows strong bearish market moves. On the weekly chart, the price is moving between the MAs, and it has broken out of the daily channel. On the 4-hour time frame, we can see that the price formed a bearish engulfing candlestick and broke past all of the moving averages, including MA 200. This is a great confirmation from a higher time frame that the price could continue to fall. Now, we have a possible HTF re-test zone that is approximately 35 and 40 pips away. At night, however, we will get news regarding AUD GDP, which will definitely affect our trade.
This pair shows strong bearish market moves. On the weekly chart, the price is moving between the MAs, and it has broken out of the daily channel. On the 4-hour time frame, we can see that the price formed a bearish engulfing candlestick and broke past all of the moving averages, including MA 200. This is a great confirmation from a higher time frame that the price could continue to fall. Now, we have a possible HTF re-test zone that is approximately 35 and 40 pips away. At night, however, we will get news regarding AUD GDP, which will definitely affect our trade.