#AUDUSD: Following the Price Action | #forex

FX:AUDUSD   Australian Dollar / U.S. Dollar
2280 58 33
Let me try to explain what do I mean by saying that my main indicator is the price.

  • The AUDUSD             continues the journey within the main bearish channel .
  • The Structure of lower highs and lower lows remain intact, and continues to evolve.
  • The price resumed the bearish trend after completing a pullback towards the resistance of the channel just below the 50-days SMA , where it formed a bearish engulfing candlestick pattern.
  • The pair continued to move lower to break 0.7740 horizontal support
  • The next potential support level and target at 0.7625(The Dragonfly doji low)
  • A break below 0.7625 confirm more downside and a potential target at 1.618 extension (0.7448)
  • The channel resistance should remain intact for this scenario to remain valid

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This channel/trade is still valid. Prepare yourself lads. :)
vila MuathAlBulbul
Will be short after 76
Is it time to short this pair?
MuathAlBulbul MuathAlBulbul
Is anyone here? it's almost 0.7570
I agree with your bearish stance Technician. I see the potential for this pair continuing down to the .73000 level.
Waiting cautiously to see if 0.7600 holds, I am leaning on shorting this pair, but let's wait and see!
Currently trading at 0.7638
+1 Reply
wwfm MuathAlBulbul
its will go up if Feb job report comes with good numbers
yeah could be the case, but for the short term in my view. Dollar remains in a strong bullish trend.
When is that due?
Technician MuathAlBulbul
In few days, check the economic calender
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