AUD/USD still in downtrend. Seeing the new lower low level on the daily chart + the fib 38% level retracement, I believe AUD/USD is a nice 150 pip short.
- New LL level on daily + Lower high after lower high on the weekly chart
- Strong rejection at monthly 0.7300 key level
- Fib 38% retracement
- MA crossover
Fact that price failed to take out the last high at 0.7400 level and made a new lower low level + gold is going higher, helps me enter the short trade without hesitation. I think we'll see the the price droping down to 0.7000 level as it correlates with the fib ext -27% level perfectly.
Short entry: 0.7145
Take profit: 0.6995 (150 pips)
Stop loss: 0.7160
Period about 2 weeks.
- New LL level on daily + Lower high after lower high on the weekly chart
- Strong rejection at monthly 0.7300 key level
- Fib 38% retracement
- MA crossover
Fact that price failed to take out the last high at 0.7400 level and made a new lower low level + gold is going higher, helps me enter the short trade without hesitation. I think we'll see the the price droping down to 0.7000 level as it correlates with the fib ext -27% level perfectly.
Short entry: 0.7145
Take profit: 0.6995 (150 pips)
Stop loss: 0.7160
Period about 2 weeks.