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XperiaForex
Jan 28, 2021 5:46 PM

AUDUSD short 4H Short

Australian Dollar/U.S. DollarFXCM

Description

lots of colours and lines here making it seem a bit confusing. Basically we have:

  • A broken uptrend
    A retest of this uptrend
    A break of support
    A retest of support
    Retest lines up with the 50% level on the FIB


The way everything is adding up I could see this being the halt of the AU uptrend

Comment

I forgot to mention that we are also seeing a series of lower highs as seen with the red trend line.

I'll be dropping down to the 15m timeframe to look for possible entrees at the 50% mark. If it fails to meet me expectations I'll more than likely be looking at the 78.6% region as the red trend line runs through nicely if you extend it.

will update on entry and closing shortly!
Comments
Jhol01
I have the same idea but its still pushing up
XperiaForex
@Jhol01,

Ideally we need a bearish sign on the 15 min chat like a break of one of the levels with an instant rejection or a seller candle pattern.
Jhol01
@XperiaForex, its just push above the 200 EMA so I might wait for a cross over of the 9 and 21 EMAs on 15 min. What's your target?
XperiaForex
@Jhol01, Not near my computer so can’t check MAs for myself but good idea. My target is just above the -27% extension level 👍
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