AUDUSD Sell set up -
Daily -
AU has been on a downtrend since Feb 2018. The market is now approaching the resistance line.
Looking for rejection of the resistance trend line and to make its move down resulting in a 220 pip trade.
4hr -
On 4hr AU has found resistance at 0.070470. From that market is created a triple top.
Daily resistance trend line is just 6 pips away from CMP.
Also, an M formation has reached the 4th position.
Anticipating a drop-down to number 5 to complete the M formation and also the triple top.
You can hold the trade down to Daily support- 0.68300.
Daily -
AU has been on a downtrend since Feb 2018. The market is now approaching the resistance line.
Looking for rejection of the resistance trend line and to make its move down resulting in a 220 pip trade.
4hr -
On 4hr AU has found resistance at 0.070470. From that market is created a triple top.
Daily resistance trend line is just 6 pips away from CMP.
Also, an M formation has reached the 4th position.
Anticipating a drop-down to number 5 to complete the M formation and also the triple top.
You can hold the trade down to Daily support- 0.68300.
Comment:
Target 1 reached
Trade still set.