AUDUSD Swing High| EMA Bear Cross| .618 Fibonacci| Bearish PA
Evening Traders,
Today’s second analysis – AUDUSD- price finding support at the 200 MA after breaking bearish from Local S/R level, any rallies are now considered bearish retests.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fib & EMA Ribbon Confluence)
- 200 MA Support
- Oscillators Bearish Control
AUDUSD’s immediate price action is bearish with impulse breaks; this allows us to have a bullish bias on the market.
The current Local S/R is resistance that is in confluence with the .618 Fibonacci and EMA Bear Cross. This gives validity of a valid bearish retest zone.
The 200 MA is critical support, breaking below will greatly increase the probability of further downside.
Both oscillators are currently in bearish control zones, remaining here is indicative of further weakness in the market.
Overall, in my opinion, AUDUSD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps,
Thank you for following my work!
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
Today’s second analysis – AUDUSD- price finding support at the 200 MA after breaking bearish from Local S/R level, any rallies are now considered bearish retests.
Points to consider,
- Price Action Bearish
- Local S/R Resistance (.618 Fib & EMA Ribbon Confluence)
- 200 MA Support
- Oscillators Bearish Control
AUDUSD’s immediate price action is bearish with impulse breaks; this allows us to have a bullish bias on the market.
The current Local S/R is resistance that is in confluence with the .618 Fibonacci and EMA Bear Cross. This gives validity of a valid bearish retest zone.
The 200 MA is critical support, breaking below will greatly increase the probability of further downside.
Both oscillators are currently in bearish control zones, remaining here is indicative of further weakness in the market.
Overall, in my opinion, AUDUSD is a valid short with defined risk; price action is to be used upon discretion/ management of trade.
Hope this analysis helps,
Thank you for following my work!
And remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb