Please Look at the secondary chart down below, below for bigger view
This setup are base on the following reason.
1. AUDUSD still in major downtrend (as in alternate chart below). As well as, still moving at high speed (confirm by the how much price has been re-trace in the past when hit support.)
2. Major support/resistance line as shown in the chart below (monthly candle chart). in the chart below indicated major support/resistance where price could be-rejected as reversal point. As in this publish idea (I'am) aim for the maximum bottom @(3rd target).
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
SHORT @ 0.7350 , (As point by ORANGE box)
his number, come from the recent rejection a few week ago. as well as, mutiple rejection from 1986, 1987, 1989 and seversal rejection as point in Orange arrow.
STOP @ 0.7500 , (As point by RED box)
This number come from the last peak(a few week back). Plus extra pip ( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
TARGET 1 @ 0.62000
This number, come from rejection from support by the years 1986, minor resistance around years 1998 - 1999. as well as major support at years 2008 - 2009.
TARGET 2 @ 0.54000
This number, come from the lowest point on the chart. the last reversal happen in around years 2000 - 2002(pink box text).
This setup are base on the following reason.
1. AUDUSD still in major downtrend (as in alternate chart below). As well as, still moving at high speed (confirm by the how much price has been re-trace in the past when hit support.)
2. Major support/resistance line as shown in the chart below (monthly candle chart). in the chart below indicated major support/resistance where price could be-rejected as reversal point. As in this publish idea (I'am) aim for the maximum bottom @(3rd target).
Setup configuration :: (More info with a bigger views in the follow up monthly chart.)
SHORT @ 0.7350 , (As point by ORANGE box)
his number, come from the recent rejection a few week ago. as well as, mutiple rejection from 1986, 1987, 1989 and seversal rejection as point in Orange arrow.
STOP @ 0.7500 , (As point by RED box)
This number come from the last peak(a few week back). Plus extra pip ( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
TARGET 1 @ 0.62000
This number, come from rejection from support by the years 1986, minor resistance around years 1998 - 1999. as well as major support at years 2008 - 2009.
TARGET 2 @ 0.54000
This number, come from the lowest point on the chart. the last reversal happen in around years 2000 - 2002(pink box text).