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Aussie dollar - Buy setup with targets at 0.7650 and then short from 0.7650 down to 0.7350
AudUsd - Daily chart - I see a good oppurtunity to sell all major pairs against the dollar. Audusd here is at the perfect zone to sell for a minimum of 150 pips target to the downside.
AudUsd - Daily time frame. I see a pullback on dollar index so I am expecting USD strength and this pair to drop another swing down.
AUDUSD to retrace towards 0.236 before continuing downward trend.
aussie/dollar rejecting key level now, possible short trade now or price can go further up to test the (potential) trendline and key level 0.7512
Short taken on Friday.
noticed the 3rd trend line touch, alongside the formation of a tweezer top at the 50% fib level.
The MA's have also just crossed indicating downside momentum when you go down to 2H time frame, which i entered off after a counter trend line break.
entry @ 0.7318
stop - 0.7370
tp2 - 0.0750
1:3 risk reward
USD strength expected to continue.
price recently broke daily support and re-confirmed this as resistance (orange line)
before moving lower.
Higher TF support break missed, so looking for short entries on hourly support/resistance levels.(green lines)
entered at 0.72400, suspect this to form resistance and TP at lower previous hourly support.
If you seen my last Aussie post you would have seen that market did in fact come up into my target area and produce multiple rejections for an entry and is now in decent profit.
However if you did not spot the opportunity then if the market can comeback up and retest the double top structure formed then a decent rejection of that level will also provide a decent ...