CapMoore
Short

Reason Why AUDUSD May Fall Further W Trading Ideas

FX:AUDUSD   Australian Dollar / U.S. Dollar
541 3 4
Price bounced right at the 61,8 fib of swing Jan 24/July 1, thus
also leaving behind the 161 extension target of ABCD at
0,8964 and the H & S target around 0,8940. Therefore, chances
are that price will finish off these targets at least. The sharp
sell off after neckline break hints of a longer term shift, and
possibly a return to LT             bear trend. Favourable levels to enter
short is first 0,9130-45 which is Harmonious D-level and Weekly PP.
Next level is not far above around 0,9180 which is the SMA 200,
the 38,2 fib of larger swing and Monthly S2 confluence.
how you draw support and resistance lines
Reply
CapMoore ShahrozLodhi
Normally a confluence of different levels comprice the S/R zone but Support and Resistance is normally horizontal, less of trendlines (more long term)
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Nice one sir
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