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TheTraderJ

AUDUSD failed to breach resistance - Short-term short

Short
Australian Dollar / U.S. Dollar (FX_IDC:AUDUSD)  
TheTraderJ Updated   
FX_IDC:AUDUSD   Australian Dollar / U.S. Dollar
Support and Resistance Trend Lines support candlestickpattern
3
0
supportandresistance trendline support candlestickpattern
AUDUSD
snapshot
1. Price has reached strong resistance at 0.79184
2. Price has formed a shooting star at strong resistance
3. Price has failed to close above strong resistance 3 times, therefore we are able to place a tight stop-loss just above recent high with take-profit at 0.78875, yielding a high reward-risk trade (>4).
4. Failed to close above resistance with high volume, dismissing the possibility of a break-out
5. Volume is decreasing -> closed below average
6. Downwards curl by fast MA and lower high on momentum histogram.
7. Divergence of MACD histogram and short-term trend
Expecting price to retrace to minor support level of 0.78491.
Comment:
stop-loss reached
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