Here's my short idea on the AUDUSD pair.
The last four times the pair has temporarily been bullish, it has moved an average of 204.45 pips upwards, before resuming the downwards trend. 204.45 pips matches perfect with fibonacci 50%, which lies at 0.68762. There is also a strong resistance around this area. EMA 25 (yellow), EMA 50 (blue), EMA 100 (green) and EMA 200 (red) shows a strong short trend.
I will be looking to short the pair from around 0.686, maybe even a tad bit earlier, depending on how the pair moves the next couple of days/weeks. I've decided upon a number which is round, not only for the pshycological effect, but also because of the mentioned points earlier. It matches up perfectly which resistance, fibonacci 50% and the average the last 4 times it has been bullish.
Enter: 0.686.
TP: 0.67
SL: 0.6935
The last four times the pair has temporarily been bullish, it has moved an average of 204.45 pips upwards, before resuming the downwards trend. 204.45 pips matches perfect with fibonacci 50%, which lies at 0.68762. There is also a strong resistance around this area. EMA 25 (yellow), EMA 50 (blue), EMA 100 (green) and EMA 200 (red) shows a strong short trend.
I will be looking to short the pair from around 0.686, maybe even a tad bit earlier, depending on how the pair moves the next couple of days/weeks. I've decided upon a number which is round, not only for the pshycological effect, but also because of the mentioned points earlier. It matches up perfectly which resistance, fibonacci 50% and the average the last 4 times it has been bullish.
Enter: 0.686.
TP: 0.67
SL: 0.6935