A RISKY BUT VERY PROFITABLE SHORT ON AUDUSD!
Lately the AUDUSD has been ultra bullish with non-stop rally but...
TECHICAL OBSERVATIONS
1.We have RSI entering 80's area signaling an overbought market.
2.We have also Stochastics in overbought area.
3.We notice also Fibonacci confluence as we are at the 1.414 Fibonacci extension from the last swing.
4.We approaching great weekly resistance and psycological number at 0.80 level.
5.We have also the critical 1.618 Fibonacci extension at 0.80 level from the last swing.
6.We also have a completion of a CD leg of a bullish shark pattern.
POSSIBLE SHORT TRADE:
BUY STOP AT 0.80220 ABOVE 1.618 FIBONACCI EXTENSION AND PREVIOUS HIGHS
FIRST TARGET T1 AT 0.77100 AT PREVIOUS STRUCTURE AND FIBONACCI LEVEL
SECOND TARGET T2 AT 0.76130 AT PREVIOUS STRUCTURE AND FIBONACCI LEVEL
HAPPY TRADING AND HAPPY PROFITS!
THANK YOU FOR SUPPORT
TECHICAL OBSERVATIONS
1.We have RSI entering 80's area signaling an overbought market.
2.We have also Stochastics in overbought area.
3.We notice also Fibonacci confluence as we are at the 1.414 Fibonacci extension from the last swing.
4.We approaching great weekly resistance and psycological number at 0.80 level.
5.We have also the critical 1.618 Fibonacci extension at 0.80 level from the last swing.
6.We also have a completion of a CD leg of a bullish shark pattern.
POSSIBLE SHORT TRADE:
BUY STOP AT 0.80220 ABOVE 1.618 FIBONACCI EXTENSION AND PREVIOUS HIGHS
FIRST TARGET T1 AT 0.77100 AT PREVIOUS STRUCTURE AND FIBONACCI LEVEL
SECOND TARGET T2 AT 0.76130 AT PREVIOUS STRUCTURE AND FIBONACCI LEVEL
HAPPY TRADING AND HAPPY PROFITS!
THANK YOU FOR SUPPORT
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Comment:
Nice price action so far...
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