Basit-Abdul

POSSIBLE AUDUSD SELL + MULTIPLE TIMEFRAME CONFLUENCE

FX:AUDUSD   Australian Dollar / U.S. Dollar
ANOTHER TRADE WITH MULTIPLE TIMEFRAME CONFLUENCE!! (VERY SIMILAR TO THE NZD PAIR) #TOPDOWNANALYSIS


The weekly timeframe indicates a downtrend. Anticipation of a further Bearish Indication could also enable a long-term SELL opportunity.

•1W - Current Market has reached the top of the weekly Trendline . The closed candle demonstrated suggests that a rejection has occurred when observing the length of the wick. We can therefore anticipate a bearish movement following on from the candle closure that had occurred as this indicates a rejection of the linear level.

•1D - Current Market has also reached the top of the daily Trendline . The recent candle closure also demonstrates a rejection of the key linear level (Daily top TL). This is also followed up by a large bearish candle which is a clear indication that the buying power is over and that the sellers have emerged into the market which could then result into further bearish movement.

In terms of entry, either instant entry or an anticipation of a Bearish Indication on 4HR time frame could also enable a perfect entry point.

Comment: Not entered yet as a reliable entry had not occurred.
Order cancelled: Not entered as of yet.
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