1. The primary trend has been bearish since the beginning of 2022.
2: The price is at the top of the descending channel and will probably go up until it hits the 200 EMA.
3. My method is to enter the primary trend when the price hits the 200 EMA in the opposite direction and is rejected it.
4. The Money Flow Index is at 85 points
5. Plotting a Fibo retracement from February 2022 when the price was near 0.76 shows how the 200 EMA coincides with the 50% Fib Res. which is an excellent point to resume the downtrend.
I think the 0.68689 area is a good opportunity to think about SELLING the AUD
2: The price is at the top of the descending channel and will probably go up until it hits the 200 EMA.
3. My method is to enter the primary trend when the price hits the 200 EMA in the opposite direction and is rejected it.
4. The Money Flow Index is at 85 points
5. Plotting a Fibo retracement from February 2022 when the price was near 0.76 shows how the 200 EMA coincides with the 50% Fib Res. which is an excellent point to resume the downtrend.
I think the 0.68689 area is a good opportunity to think about SELLING the AUD
Trade closed: target reached:
This one was a good trade that hit TP1 and is back to SELL EP potentially looking to another bear leg. Comment if you´re joining the ride again