adityachhabra9999
Short

AUDUSD FLAG (PENDING CONFIRMATION)

FX:AUDUSD   Australian Dollar/U.S. Dollar
42 1 2
1. The MONTHLY chart shows that the long term momentum is bearish . a small rally upwards is now losing steam. small real bodies are visible.
2. The WEEKLY chart gives mixed signals. the recent rally is marked by a morning star however last week was a doji .
but the morning star hasn't failed or worked itself out yet.
3. The DAILY chart responded to the psychological level and often a support/resistance 9400. also a trendline joining oct13 high with apr14 high seems significant( marked with red)
4. a flag that appeared late last year did its job alright. the rally this year seems similar. however we might have to wait for a convincing break of the flag which will open downside opportunities.
5. I am not going short at this very moment. i have decided to wait for a convincing break of the flag. which i am expecting at 9300.
ANY AND ALL SUGGESTIONS ARE WELCOME :D
i believe the flag has now been penetrated. those who haven't shorted yet can sell short now.
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