Price is testing the lower parallel of the slope that dates back to the 6th of may. If broken that would suggest an acceleration in the downtrend. If we get a close beneath that line (blue line) and the lower Quartile (gray line) of a the older slope (dating back to Jan 2014) then this trade is ON. Bollinger Band width is still going up suggesting that the downward move is not over yet, MACD is going lower and the price is trading between the 1sdev and 2stdev Bollinger bands confriming that the price is going lower. Good luck!
Comments
HexVex
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Worked really well! Well done!! :)
NQunlocked
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Thank you Kerim
NQunlocked
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This is a very rewarding moment mentally. It really is a good confidence boost when technical analysis plays out the way it should. That is why trading is awesome in my opninion!! good luck to you guys
HexVex
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Absolutely! Well done! Where do you think we're headed?
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Eventually the gray line (lower parallel) that is a slope that dates back to jan 2014. Be careful though guys there are a few extra parallels where resistance should be found!!!
NQunlocked
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iam not worried about this retracement... USD is simply taking hits on all pairs...Guys I wanted to bring your attention to the fact that the AUD has HUGE potential of making a drop just like NZD...very nice RIsk/Reward!!!
HexVex
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MACD looks like it could go any way. Someone has posted an interesting idea on the AUDUSD daily.
NQunlocked
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Which MACD settings do you use??
I use 30,60,30 which is much more accurate on the 1hr chart!!
NQunlocked
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AUDUSD..if we close below this line then I am definitely selling it with 0.92125 as a target!!!
HexVex
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Using 12, 26, 9 on daily. Same on 1hr. Is that unadvisable?