Hey guys,
lately this pair had a huge increase in value, and that's due to AUD strenghtening over the last period. But this doesn't mean we can't look for shorting opportunities if they come. In this case we have an oversold condition on RSI at a structure daily level along with 618 retracement of the bigger daily leg. The conditions for a retracement are there, and i call it a retracement because i think this is definitely continuing in his upward direction overall. So be aware of it and play it safely. I'm waiting for a confirmation on this timeframe or the hourly.
I'm going to update you in case of entries.
Feel free to comment below, for any questions or ideas to share.
Otherwise, see you in the next chart!
lately this pair had a huge increase in value, and that's due to AUD strenghtening over the last period. But this doesn't mean we can't look for shorting opportunities if they come. In this case we have an oversold condition on RSI at a structure daily level along with 618 retracement of the bigger daily leg. The conditions for a retracement are there, and i call it a retracement because i think this is definitely continuing in his upward direction overall. So be aware of it and play it safely. I'm waiting for a confirmation on this timeframe or the hourly.
I'm going to update you in case of entries.
Feel free to comment below, for any questions or ideas to share.
Otherwise, see you in the next chart!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.