matt_forex

Daily Confluence of Resistance

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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There is clearly a confluence and or multiple points of resistance above the the current close on the daily. I did take a look at RSI / Stocastics / CCI / MACD , and some are showing a very small amount of divergence. But given the "Double High, Low Close candle" I believe we are heading to parody, with a small bounce up then the AUDUSD will be pushed down to the 1.68 fib level.

Fib was taken from the most resent move up
SMA inputs are 20 , 50, 100, 200
Standard pivots were used.

My entry on the daily would be on a 50% of the low close candle
My stop would be just above the double high of the prior candle.

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