AUDUSD SHORT TRADE

You can see at the chart that the the traders are trying to push the price at 0.71040 resistance and the possible trend could be bearish if the price hit in that resistance price point. If this trend becomes bearish, the possible target price could be at three level price according to the Fibonacci retracement, It could be at 0.67730 at 0.382 Fibonacci retracement, 0.66586 at 0.5 Fibonacci Retracement, 0.66586 at 0.5 Fibonacci Retracement. According to the RELATIVE STRENGHT INDEX (RSI) the indicator suggest that the trend is overbought near at %62.44 in D Trading.

If the trend pass the 0.65443 at 0.618 Fibonacci Retracement and retest in this price point, the possible bearish trend could push the price at 0.61740 at 1 Fibonacci retracement acting as a support.

IMPORTANT PRICE POINT

1. 0.67730 at 0.382 Fibonacci Retracement.
2. 0.66586 at 0.5 Fibonacci Retracement.
3. 0.66586 at 0.5 Fibonacci Retracement.
4. 0.61703 at 1 Fibonacci Retracement (Possible trend if the price push lower at 0.61703).
The 0.61703 at 1 Fibonacci Retracement is a given support.

Remember that the Fibonacci retracement level is price point area and not always a solid line. Price can go pass the line a reverse the trend.

IMPORTANT FOR TRADERS

Forex Disclaimer.

This Published idea is intended to be used and must be used for information purposes only and not for investment advice. It is important to do your own analysis in forex trading before making any investment based on your own personal circumstances. Regardless of anything to the contrary, nothing available on or through this information should be understood as a recommendation that you should not consult with financial professional to your particular information.

Forex trading may sustain a total loss greater than the amount you deposited to your account if the forex trading move against to the trader. The said forex is the responsible for all the risk and financial resources and trading system that has been used by the trader.

Comment:

After Federal Reserve reported that they increase interest rates by 25bp, the AUDUSD rally reaching pass 0.71432 at 0 Fibonacci Retracement level. A bearish trend might be expected at this level because of hawkish Federal Reserved.