AUDUSD - Journey Down Under

FX:AUDUSD   Australian Dollar / U.S. Dollar
Good day Ladies and Gents             . Just joined this community and this is my first post.

I just started trading 2 months ago and would like to share my idea how AUDUSD             is expected to fall for a while.

  • Candles are below SMA 200 showing downtrend bias.
  • Candles are below EMA50 confirming the downward bias.
  • There is a strong sloped SNR line that was a strong resistance becomes to support. Candles has passed through the support and retested the SNR showing potential downward trend.
  • Possible Bearish Engulfing Candle forming depending on today's market close.

Taking the conservative approach, trading strategy will follow downward trend bias. Once Bearish Engulfing Candle is formed, will set Sell Stop at 0.7367, SL at 0.7630 and TP at 0.7109 or 0.7100.

Happy trading!
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