SWING TRADE: BEARISH ON AUDUSD
SETUP: TWEEZER TOP FORMATION ON DAILY CHART
With the start of the new year the AUD has had a good run and we believe it was a correction process taking shape, but the run was halted on friday close by a strong bearish candle which also resulted in the formation of tweezer top whilst the bearish candle closed below a tweezer bottom that started a bull run in somewhere june 2016 which makes that area very interesting. with the weakness in gold prices and the recent dollar strength we expect the pair to trade downwards until the next support structure is met.
Our stance on the bearish move is solidified by the decrease in CFTC AUD net positions and the increase in CFTC USD net positions.
Take profit is expected to be at the next structural support between 0.719 & 0.714. Stoploss is set above the wick of the tweezer top
SETUP: TWEEZER TOP FORMATION ON DAILY CHART
With the start of the new year the AUD has had a good run and we believe it was a correction process taking shape, but the run was halted on friday close by a strong bearish candle which also resulted in the formation of tweezer top whilst the bearish candle closed below a tweezer bottom that started a bull run in somewhere june 2016 which makes that area very interesting. with the weakness in gold prices and the recent dollar strength we expect the pair to trade downwards until the next support structure is met.
Our stance on the bearish move is solidified by the decrease in CFTC AUD net positions and the increase in CFTC USD net positions.
Take profit is expected to be at the next structural support between 0.719 & 0.714. Stoploss is set above the wick of the tweezer top
Order cancelled:
setup negated by the bull candle