FX:AUDUSD   Australian Dollar / U.S. Dollar
As the Dollar index is getting stronger AUD/USD should hopefully break the channel that has now formed outside of the downtrend. If we can break below and close below the support line then there could be a large fall to the downside.

Plus, the 20 Moving Average (yellow) has just crossed the 50 MA (grey), so if we can close below these there's another indication that we are in a selling position.

Equally, if we can break and close above the resistance level , and above the moving averages, then possible to carry on with previous trends upwards.

Just thinking out loud. Let me know your thoughts.

Comments

yes I was thinking the exact same. We are retesting this resistance level repeatedly and instead of higher highs, we are seeing this consolidation. The MACD and the signal lines crossing are concerning as well, however we are seeing higher lows :/
Reply
JAL26 hessheike1967
@hessheike1967, remember that they lag slightly. What I struggle with the most is finding a balance between letting the MACD and Ma's advise me, and letting them dictate a trade to me. I've missed out on things waiting for those to cross, when in actual fact, I've really missed the boat. Finding a balance isn't it.
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JAL26 hessheike1967
@hessheike1967, if we can close under the 50ma, and poke below, maybe close below the support line I think I'll short it. Doesn't look liked it's closed under the 50ma before in this channel, and the 20ma is closing in on it, and the MACD is tipping towards sell. We'll see what happens!
Reply
@JAL26, i believe I am seeing a descending triangle forming, a clear support is forming in this consolidation and the highs are getting lower and lower.
Reply
Honeylii hessheike1967
@hessheike1967, i took the trade after i saw the formation of double top on the 61.8 fib level. I believe it should fall but who knows what might happen
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