The Australian dollar
doesn't seem to be letting us down with our technical analysis
knowledge. It seems that it likes the law rather than not like it! We have an interesting pattern that's been formed, and that's the head and shoulders
pattern! The laws of technical analysis
teaches us that, when and if price action starts to break the neckline, you should be getting ready for a position! Looks like price action is in sideways movement on the 15 minute chart currently, so when price starts to move in either direction we will make a decision base on what price action will let us! We have a 123 top pattern on the 15 minute chart, when price breaks the number 2 point, that's would be a signal to sell! That same 123 top, is resisting a pivot point
level just perfectly, that's another reason price action will fall down! I have tested the Fibonacci levels and it seems price action went to 68.1 level, found resistance, and will now drop, that's another additional signal to sell! On the hourly chart we have a very long trend line
that got broken, that's very important to notice! Another important signal that were getting is the daily chart
just formed railway tracks, which says price action will now head down. This is our perfect trade, the first one of the week! Sell the trade now and lets make some profit. Lots of indication s all telling us one direction, DOWN!
Trade Stop Loss: $0.7454
Trade Entry: $0.7439
Trade Target: $0.7404 or more down with momentum!
That's our first trade of the week!!!