ICmarkets
Short

Look for shorts beyond 0.77...

FX:AUDUSD   Australian Dollar / U.S. Dollar
108 2 1
Working our way from the top this morning, we can see that weekly movement recently connected with a weekly trendline resistance taken from the high 0.8895. Should offers hold ground here, a push back down to test the weekly support boundary at 0.7604 may be on the cards. Looking down to the daily chart , the commodity-linked currency recently spiked above a daily supply zone drawn from 0.7719-0.7665. This – coupled with the overhead weekly trendline resistance, could help force prices lower today.

Turning our attention to the H4 chart, yesterday’s upside momentum swallowed the 0.77 handle and went on to collide with a H4 channel resistance line extended from the high 0.7565. As is shown on the chart, bids/offers appear even right now as price seesaws between the above said H4 channel resistance and the 0.77 number.

Our suggestions: Watch for price to close below 0.77 today. Accompanied with a retest, the Aussie will likely drop lower to at least test the H4 mid-way support at 0.7650, which makes for a beautiful first take-profit target.
Get real-time trading updates at our official Telegram group : https://t.me/ICMarketsroom
Thanks for this. Had setup a short couple of days back and was getting pounded. I trade through ICmarkets itself, and good to know you guys share awesome insights.
Reply
ICmarkets shettytushar
Thanks for the kind words S. Good luck!
Reply
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out