AUDUSD short idea: AU resistance zones to watch for entry
Lots of back and forth with the Trade War situation.
Plus, a big miss on recent economic news out of AUS has weakened it.
Looks like at least one more leg down, perhaps to end the week at the low.
Background:
I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
After a nice ride down, I went long which worked out very well
And then I caught the recent stair step down quite nicely:
After some good news about the US-China Trade War, I was expecting a significant move up:
Then the news turned sour of course, so was looking for a drop from the top
And now I am looking at perhaps one more leg down before any strong bounce
Plus, a big miss on recent economic news out of AUS has weakened it.
Looks like at least one more leg down, perhaps to end the week at the low.
Background:
I am a longer term AUD bear, anticipating a serious drop yet to come
Since then I have been looking for shorting opportunities such as this recent plan
After a nice ride down, I went long which worked out very well
And then I caught the recent stair step down quite nicely:
After some good news about the US-China Trade War, I was expecting a significant move up:
Then the news turned sour of course, so was looking for a drop from the top
And now I am looking at perhaps one more leg down before any strong bounce
Comment:
First resistance seems to be doing its job
I had some limit sells ladered within the red zone, now trailing stops. London will tell us whether AU is weak enough to fall from this first resistance or not.
Comment:
Upon furrther measurements, that first resistance seems probable to hold. Here is a closeup with a new fib and notes
It is possible that an ABC wave has completed, to form the larger wave 4 and thus starting wave 5 down. Still suspect London might run it up to the next zone, but so far this looks like weak AU rejected at local resistance.
Comment:
I have posted a new Idea as an update, to fine tune the targets for wave 5 end
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