This setup using 3 reason to plan this trade.
1.This descending channel align with current candle stick trend.
2.The rejection of price from resistance area (S/L Area). resulting in very strong bound leaving a trial as "Bearish Engulfing on weekly Chart", as well as "Dark Cloud Cover on daily chart" following a red candle stick after.
3.The rejection level confluent-ed by Fibonacci of 0.236 (AU 0.98914)
Thus, with the 3 indication above it is highly and likely be a reversal of AUDUSD uptrend, And it is start to move down.
Recommendation, for a SHORT as follow
Entry :: @ 0.94250 (This number come from a pinky line of 0.9430 with 5 pip lower)
SL :: @ 0.9525 (This number come from the highest swing-point of Dark Cloud Cover) with a few extra pip
TP :: @ 0.9230 (This number come from the last swing-low above a smiley face )
1.This descending channel align with current candle stick trend.
2.The rejection of price from resistance area (S/L Area). resulting in very strong bound leaving a trial as "Bearish Engulfing on weekly Chart", as well as "Dark Cloud Cover on daily chart" following a red candle stick after.
3.The rejection level confluent-ed by Fibonacci of 0.236 (AU 0.98914)
Thus, with the 3 indication above it is highly and likely be a reversal of AUDUSD uptrend, And it is start to move down.
Recommendation, for a SHORT as follow
Entry :: @ 0.94250 (This number come from a pinky line of 0.9430 with 5 pip lower)
SL :: @ 0.9525 (This number come from the highest swing-point of Dark Cloud Cover) with a few extra pip
TP :: @ 0.9230 (This number come from the last swing-low above a smiley face )