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DK_Investment
Oct 16, 2019 1:04 PM

GBP/AUD - dead cat bounce, time to short the market Short

British Pound/Australian DollarFXCM

Description

market price reached upper long term trend line which is very strong resistance I expect many sellers entering the market at 1.90250 - 1.90750 . I expect a correction movement as drawn in the chart which can bring real quick profit (30-40 %).

-RSI baseline on daily is heavy overbought, expect sellers coming into the market
-MACD baselines reached the top and looking for bearish crossing which brings sellers into the market

Comment

the green line is of course support and not resistance

Comment

try to open short as described in the area of 1.90250 - 1.90750

Trade active

Trade closed: target reached

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