AUDUSD: Re-Shorting technical Trade for 130 pips
Too many technical things lining up to not take this short.
Pros:
(1) Past support now future resistance.
(2) Price move up is not as strong as the move going down so far.
(3) Pulled back up 50% to 62% already with some reluctance so far.
(4) At the sell-side of the channel.
Cons:
The 200 moving average acted like some kind of temporary support after horizontal support was breached.
Conclusion:
The bearish sentiment still outweighs the bullish sentiment.
I am not betting the house on this one, but just risking about $25 to make $50. That's about it.
Target date of profit objective is March 15 or 16, 2017.
Trade active:
Capturing the swings of the stock market & currency market. It's a dirty job and equity/currency traders must do it.
