AUDUSD SHORT THESIS
• Weekly: Price has started its retracement phase. Pair has double bottomed at 0.7050 with a hammer candle formed. I do expect price to stay above 0.7150 monthly + descending trendline and make way up to 0.7300.
• Daily: As we drop down to the daily timeframe, you van see that double bottom is much clearer at 0.7050 daily support. Strong bull candle broke out of consolidation box, through 0.7150 resistance now turn support & descending trendline creating new highs at 0.7212 resistance. Now expecting a slight pullback towards 0.7150 monthly support + 0.382 Fibonacci level; confident that this is a strong level and will hold as previous candlesticks rejecting off this level were forming bullish engulfing, long wicked candles & it’s the neckline from Double bottom pattern. Once this level is hit we go long to 0.7241 resistance.
• 4hr: Same as daily just waiting for pullback to 0.7150 support before going long to 0.7241. overall target is 0.7300 + Completing the double top formation.
订单已取消:
Without pulling back price rallied up to our take profit point. So i couldnt enter.