AUD/USD: Continues Downward?

FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
22 0 2
The daily trend is in a downtrend technically indicated by following:
• Dow-pattern- lower tops and lower bottoms, (T1-B1-T2-B2).
• Price is currently trading below downtrend trend-line.
Bearish Cross MA10 under MA20
RSI is below 50
MACD < 0
The Australian Dollar             is trading lower having tested trend line resistance to expose lower since mid-October against the US Dollar             .
Near-term resistance trend line is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of the 50% Fibo level at 0.7200. (Long position set at 0.7250, take profit at 0.7495 and stop loss at 0.7060).
On the other hand, a move below the support level –November 10 low- at 0.7016 opens the way for a challenge of the 0.6935-0.6900 area, (September lows).
Therefore, in case that the pair is trading across the downtrend trend-line, we will recommend SHORT POSITIONS for the no position holders on AUD/USD             . Take profit 1 at 0.6935-0.6900 take profit 2 at 0.6800 and take profit 3 at 0.6605. Stop loss should be a bit above the support level at 0.7200, thus the stop loss is at 0.7230.
For Short-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out