AUD/USD - Short, with added confluence to make this move strong
Daily Support created the illusion for people to go long, the stop losses just below.
Remember if you buy, your stop loss is a sell. You SELL your BUY position at a worse price!
China and Australia's economies are very tied together, due to the corona outbreak the AUD is tanking.
This added with the fuel from all the stop losses below the daily resistance zone create a good ammunition to take price down.
Plus breakout traders golden rule is usually trade support becoming resistance etc.
I entered after a pullback/retracement and break lower on 1hr.
Remember if you buy, your stop loss is a sell. You SELL your BUY position at a worse price!
China and Australia's economies are very tied together, due to the corona outbreak the AUD is tanking.
This added with the fuel from all the stop losses below the daily resistance zone create a good ammunition to take price down.
Plus breakout traders golden rule is usually trade support becoming resistance etc.
I entered after a pullback/retracement and break lower on 1hr.
Trade closed: target reached:
Target almost done, exiting before weekend.