hey guys hope everyones having a good day whereever you are.
AUD/USD was able to have a good push to the upside but we have reached a very strong resistance point and from the fibonacci 0.381 area we were able to identify that zone acting as a strong support/resistance area.
I will be taking a short in the short term to see if the overall trend is ready to flip in to the upside, but I am still in bearish bias.
We also saw a negative divergence form in the RSI which was my confirmation for my short position for the short term period.
If we find good support around the 0.5/0.618 are of the fib we will be looking for a bigger push to the upside and will be taking a long position.
But before then a pull back is expected to the previous strong resistance/support levels.
Please follow and give it a like if you found this post interesting or helped you out in anyway!
May the trade be with you.
AUD/USD was able to have a good push to the upside but we have reached a very strong resistance point and from the fibonacci 0.381 area we were able to identify that zone acting as a strong support/resistance area.
I will be taking a short in the short term to see if the overall trend is ready to flip in to the upside, but I am still in bearish bias.
We also saw a negative divergence form in the RSI which was my confirmation for my short position for the short term period.
If we find good support around the 0.5/0.618 are of the fib we will be looking for a bigger push to the upside and will be taking a long position.
But before then a pull back is expected to the previous strong resistance/support levels.
Please follow and give it a like if you found this post interesting or helped you out in anyway!
May the trade be with you.