Bearish rising wedge formation in which a breakout appears to be forming. I've already entered and i'm targeting the 23.60 fib retracement.
Entry: 0.615 - I entered on the 30/30/2020
A video is coming soon which will help educate you on why we are taking this short on AUDUSD (the trade is found and executed on the 10m CHART)
Just shorted AUDUSD with a potential bearish continuation pattern.
Before we jump on the trade idea here is the actual process based on that PDF above of how we started this day:
I prepared my day...
A risk off environment in the previous week due to fears of the coronavirus' impact on the global economy.
The AUSUSD made an overextension last week Friday to the downside and pulled back. I see this asset forming a range in the short term before selling off.
The range I am calling for is 65800 high, and the 64300 low.
All the best,
The AUD price is reflecting the contraction in the Asian economies as a result of Coronavirus.
Price respected the 20MA eventually breaking the consolidation region we highlighted.
Price remains oversold so any pullbacks will be an opportunity to short into. The biggest opportunity to short will be at the 66757 level.
Trades too the upside should...
The AUD has been offered these past weeks because of the impact of the noravirus on the Chinese economy.
The pair has found some support in this region and seems to be forming a wedge to the down side. We boxed off area where a range is likely to form.
Range plays should be taken to the short side, as a long play runs the risk of the bearish...
The AUDUSD asset was mainly controlled by dollar flows and tensions between US-China last week with further clarification on the deal.
This week I am using the Tom Demark's pivot indicator to determine a trend. It is showing we are bearish on the break of S1. And the stochastic seems like it is in a continuation to the downside.
The 68500 level is...