Killy_Mel
Short

FX CHART OF THE DAY: AUDUSD SHORT TRADE (DOWNTREND RISK)

FX:AUDUSD   Australian Dollar/U.S. Dollar
Price is trading below but close to lower 1st standard deviation from weekly (120-hour) mean amid expanding volatility, which hinds that it has a bias to break down further and enter a leg of a downward move.

The leg will be confirmed if price breaks relevant lows (at approx 0.73400).

Thus purely on technical basis it is a good idea now to take a short position close to the lower 1st standard deviation from 120-hour mean (0.73550) with a stop level at the mean (0.73800)

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Traders should also consider news events coming out 14:00 GMT (US NEW HOME SALES), which can trigger unexpected price volatility on AUDUSD             .
admin PRO
a year ago
nice trade!
Reply
Very good setup indeed.
Reply
Killy_Mel
a year ago
thanks)
Reply
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