In my last post about AUDUSD i mentioned about a key sell zone that price could enter reatracing after breaking out a corrective structure. I think price has retraced enough and it's about to reverse and head south. An AB=CD pattern is my sell setup. In 1h chart we clearly see a bearish divergence with MACD.
69.7 but i keep on buying for short term as well.. from supports.. and out and resistances..
Fxprotrader
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Do you have a profit target?
jhakas
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towards 73 and high..
jhakas
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I think 0.705 will holt downside.. for another move above 71 again..
jhakas
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halt
Fxprotrader
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Ok, i see... If we have your scenario we should see a five wave correction which is possible to happen.. If price reaches the trendline i will move my stoploss to BE.. Overall i believe price will go down.. Let's see.. Thank you for your comments..!
jhakas
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aud, has habbit to consolidate alot.. but if you are trading uj and aud then you know that from last few weeks aud and nzd has co relation with uj due to indices and stocks... and both aud and uj are now coming out of shell.. infact uj is now completely on buy side for more upside.. and uj also has to kiss its broken trendline on weekly tf. which is close to 122 and you can see aud has also to kiss its broken trendline on weekly tf.
GoodLuckbabe
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yes you are wright every body is looking for this sell setup thanks for sharing