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Backer
Jan 7, 2017 12:58 PM

Nice AUDUSD Short! Short

Australian Dollar/U.S. DollarFXCM

Description

This is a very nice place to go short for many reasons:
The price broke the short-term up trend.
Two Major resistances that the price was not able to break either of them. The Major daily down trend & 0.5 Fibonacci level. So the it will go at least to the next Fibo. level (as well as the previous structure high) which is around 0.7250.
The there is a possibility to go up to test 0.382 Fibo. level at around 0.7300 or even higher to retest the major down trend.

if resistence levels are strong enough, we might see a fall to 0.716
Comments
Guhanak7
Mate. Awesome call. but I reckon hold it longer. till the low. Let's make some money ;)

Guhanak7
I have added the confluences below to why it will go till there
Backer
@Guhanak7, Thanks for your comment!

Sure! I will hold. This is just the first TP point. If it keeps showing weakness, I will add to my position.
Good luck with this trade! :)
Guhanak7
@Backer, U too mate :)
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