Aussie provide a juicy 1:7 based on supply zone analysis
Hey there,
as we can notice price is stagnating since some days at this 0.73 lvl. it already formed a top. if we take a quick look on support and resistance, we find very easily that this supply zone was rejected recently (by second time) with a bearish engulfing. in this case price should form the correction without waiting more. based on that bears took control of the market and will push price south very soon. bearish engulfing pattern give an expectation of a pretty big drop of at least 150 pips.
also the indicators confirm this hypothesis: emas are crossing bearish again, macd formed a big bearish divergence
by taking a quick look on DXY weekly chart we can notice a doble bottom, therefore giving more value to this setup.
the plan is to short now and taking partial profit at the several TP's drawn on chart. aiming for 71.700 as the target.
as we can notice price is stagnating since some days at this 0.73 lvl. it already formed a top. if we take a quick look on support and resistance, we find very easily that this supply zone was rejected recently (by second time) with a bearish engulfing. in this case price should form the correction without waiting more. based on that bears took control of the market and will push price south very soon. bearish engulfing pattern give an expectation of a pretty big drop of at least 150 pips.
also the indicators confirm this hypothesis: emas are crossing bearish again, macd formed a big bearish divergence
by taking a quick look on DXY weekly chart we can notice a doble bottom, therefore giving more value to this setup.
the plan is to short now and taking partial profit at the several TP's drawn on chart. aiming for 71.700 as the target.
Trade active
Comment:
sl moved at break even and took half profit.
Comment:
tp2 reached
