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drilonn001

Short AUDUSD from Monthly Pivot Point - if tested

Short
Australian Dollar / U.S. Dollar (FX:AUDUSD)  
drilonn001 Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar
Trend Analysis Chart Patterns
3
0
trendanalysis chartpattern
Last week the pair was very bearish but then on Friday it regained some of it's previous loses. As we can see from the mid-term price action, we are in a downtrend so we will be looking for short positions if we have some retracement up to the M_PP. If price tests this area we will sell and will try to be on the move down to the M_R1 area.
Comment:
On Sunday's open, the price of the AUDUSD pair opened with a bullish gap but then during Monday trading sessions the pair did a very strong move on the downside, this way getting away from our planned entry point. Today the trend is bullish so we may expect maybe this week if this mood continues, a test of the M_PP where we could then enter a short position.
Comment:
Main theme on the AUDUSD pair for this week according to us is indecision. Last two days are represented by doji candles on the chart and there was also very low volatility going on so our pending orders on the market did not trigger. For next week we will take our analysis again based around the M_PP where we expect a test of this structure.
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