Synapse
Short

AUDUSD - Bears are ready to move

FX:AUDUSD   Australian Dollar/U.S. Dollar
911 20 29
Greetings Fellow Traders,

What an eventful week right? AUDUSD             saw a massive rise to the weekly trend line , trading above former support (yellow area, which we'll look at on the weekly) but managed a very intense sell off on Friday to paint a much different scenario. In a multi week channel on the daily it looks incredibly likely that monday/tuesday very early next week we will see the bears begin to sell off much stronger.

Watch for the channel break on the lower time frames and be smart about the entries. The weekly candle suggests the momentum is strong enough to carry us below .6800 by the end of week...with initial targets looking like .65-.66 in the near future.

Here is the weekly candle, long wick with bearish body - very strong indication of further downside next week.
snapshot

Feel free to comment/like/follow

Comment:
snapshot


Keep an eye on the .7160 level, this is the long term bearish strength. While daily candles may look strange, the market seems to just be 'riding' the former support that was broken as resistance. I remain bearish unless a daily candle close above .7160 is made.
Even without breaking that line, look at that candle, and look from where it starts...Time of death: Friday 5th, by NFP release.
+1 Reply
Synapse IvanLabrie
It's almost certain I agree, but it's good for others to join with confirmation from the rest of the market. :)
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I favor limit sell AND sell stop to be ready for action.
People expecting a consolidation etc. all the time might miss these moves. (like for example usdjpy drop after testing resistance)
+1 Reply
HI Synapse/ Ivan thanks for your NU setup in the trade with some good profit. AU weekly chart looks very promising. Will keep an eye from Monday. Thanks again.
+2 Reply
Synapse forexmech
You're welcome, Thanks for the feedback!
+1 Reply
Synapse's very good. ;)

Cheers.
+1 Reply
You are being modest Ivan :)
+2 Reply
Copy of Anil Mangal's TA outlook!
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Synapse 11.392.1433
His analysis is very similar to mine on this one! You'll often find that successful traders will have very similar ideas. I've been following the Oceanic pairs for quite some time now - AUD and NZD pairs.
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Anil uses his own twist of Elliott Wave, I don't think he's doing the same thing. Synapse's work has been top notch. Can't compare traders directly.
We all trade our beliefs, basically.
Cheers.
+1 Reply
forexmech Synapse
Continue your great work Synapse..
+1 Reply
what is your TP ?
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hi- are you still short AUDUSD??
+1 Reply
Synapse tony12000
snapshot
My analysis still fully supports bearish moves on AUDUSD - but confirmation wasn't given on the daily time frame today. Only on the lower time frames...and intraday as removed all of that progress. Still waiting for daily TF entry.
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tony12000 Synapse
ok ,,,thx,,,,
+1 Reply
are you short yet??
+1 Reply
Synapse tony12000
Positions taken now are still positional and slightly pre-emptive, but not wrong. Here's a lower time frame look at what I'm looking for to add confirmation to the sell entry
snapshot
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tony12000 Synapse
getting close!

+1 Reply
Synapse tony12000
Bullish Strength has been broken on the 15 minute candle 4 minutes ago, Enjoy :)
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yes daily bars are strange BUT mostly this kind of pattern breaks below
snapshot
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