OANDA:AUDUSD   Australian Dollar / U.S. Dollar
50 0
Last Month’s candle closed as a Bearish Engulfing , which tested the downwards facing EMA’s. Price was unable to close below key monthly support of 0.70500.

One this time frame we are seeing the EMA’s being tested by the price, gradually guiding the price down. Price rallied up towards resistance at 0.72250 and closed above the EMA’s followed by a close in the middle of the EMA’s. Last Week price closed forming a hanging man , indicating more bearish momentum.

Yesterday’s candle closed as a shooting star which rejected my trend line on a third bounce. This also has good confluence with my targeted fib area. EMA’s are not downwards facing but I am expecting them to cross over soon.

On this time frame we can see the price clearly try to break beyond the trend line which was rejected almost straight away, forming both a three pin formation and an evening star . This also was rejecting the previous day’s high. Bearish price continued to full below the upwards facing EMA’s.

I dropped down into this time frame to refine my entry, noticing the previous day’s high has been broken I noticed an hourly hanging man form followed by a bearish engulfing . Price then start to drop until a CTL could be plotted. EMA’s crossed to the down side followed by the CTL break. Target set at the key level 0.70500
Jan 30
Trade closed: stop reached: Stop Hit
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