Weekly
After last week's strong bearish candle, I believe we will see further downside momentum. The AUD/USD is also positively correlated with GOLD which has been on a decline since last week. Although price failed to close below weekly area of support at 0.7575, I'm anticipating a move beyond this barrier.
Daily
Last Thursday price put in a huge bearish candle with a lot of momentum behind it. Daily price is now pulling back to restest an area of daily resistance which was initially support. MAs are downward facing.
H4
Clear downtrend on H4 chart with MAs facing downward and in alignment with Daily chart. Price has pulled back to a daily area of resistance as well as 38.2% fib level completing a lower high. Price has also formed an evening star as well as breaking our CTL giving us another 2 strong confluences of downside momentum.
After last week's strong bearish candle, I believe we will see further downside momentum. The AUD/USD is also positively correlated with GOLD which has been on a decline since last week. Although price failed to close below weekly area of support at 0.7575, I'm anticipating a move beyond this barrier.
Daily
Last Thursday price put in a huge bearish candle with a lot of momentum behind it. Daily price is now pulling back to restest an area of daily resistance which was initially support. MAs are downward facing.
H4
Clear downtrend on H4 chart with MAs facing downward and in alignment with Daily chart. Price has pulled back to a daily area of resistance as well as 38.2% fib level completing a lower high. Price has also formed an evening star as well as breaking our CTL giving us another 2 strong confluences of downside momentum.
Trade closed: stop reached:
Stopped put for 50 pips - new event spike then correction back down towards target.