MII1502

A possible correction before sell off

Long
MII1502 Updated   
OANDA:AUDUSD   Australian Dollar / U.S. Dollar
Based on past data, I have extended the trend-line (24% opacity) acting as SUPPORT towards the current price and a trend-line (100% opacity) acting as SUPPORT, from the 100% opacity trend-line, there is a rejection with doji/spinning tip and a Bullish candle strong enough to be compared to previous Bearish candle. if you observe the trend-line with 24% opacity it's the major trend-line drawn from previous price reaction extended to accommodate current price reaction on the level, what we are expecting is a buy above the trend-line as indicated with the arrow direction. From the Fibonacci tool, we have seen that price sold from the previous high down to the current low, a possible correction if seen would give us a retracement towards 50% fib level.
Trade closed: target reached

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.