There is key resistance level at 1.56000 where there is high of 9-16 May 2016, resistance of downtrend line, and FIBO 61.8. The candle also tested this level for several times and this resistance level is still not broken. So, we could look for a sell opportunity at this level upon a reversal signal.
TRADE IDEA:
SELL AT LEVEL 1.56000
SL : 1.57000 OR WHEN THE BEARISH REVERSAL POINT IS BROKEN BY A STRONG CANDLE
TP1 : NEAR 1.52000
TP2 :NEAR 1.45000
TRADE IDEA:
SELL AT LEVEL 1.56000
SL : 1.57000 OR WHEN THE BEARISH REVERSAL POINT IS BROKEN BY A STRONG CANDLE
TP1 : NEAR 1.52000
TP2 :NEAR 1.45000
Trade active:
Tested 4 times but fails to break the key resistance, good sign of price falling...
Comment:
After so many days of consolidation, it finally comes down after RBA kept its monetary policy steady. continue to hold this trade.