Morning traders,
Out with another range trade on US dollar being oversold- this time Aussie Dollar sell versus US dollar on a combination of techincal indicators and chart work. On our chart if you zoom out slightly you can see the long term descending trendlines in purple which is being respected yet again with volumes slowing as we head to the top of the channel.
Both RSI and Stochastics overbought whilst a failure yet again to reach or breach 0.72 even with Fridays 50-60 pip jump higher. All in the probability is for this pair to fall back at least to 0.7150 area and potentially retest early Marchs 0.7050 area
Good luck trading
Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Out with another range trade on US dollar being oversold- this time Aussie Dollar sell versus US dollar on a combination of techincal indicators and chart work. On our chart if you zoom out slightly you can see the long term descending trendlines in purple which is being respected yet again with volumes slowing as we head to the top of the channel.
Both RSI and Stochastics overbought whilst a failure yet again to reach or breach 0.72 even with Fridays 50-60 pip jump higher. All in the probability is for this pair to fall back at least to 0.7150 area and potentially retest early Marchs 0.7050 area
Good luck trading
Team at forexTrdr
find us on instagram, twitter and Alexa flash briefings
Trade active:
Take profit 1 hit
Stop loss at entry and running risk free
Stop loss at entry and running risk free