Short position on AUDUSD - Support and resistance strategy
Updated
in the Weekly and monthly time frame we have a bearish trend.
The price has failed to reach the 50% retracement level, it has retraced twice to the 38.5% level.
The fractal indicator shows a bearish signal.
The EMA 50 cross shows a bullish signal.
Candlestick analysis: Bearish Harami
Bollinger bands show a bearish signal at the red circle on the chart.
There is an entry possibility however it is not the most ideal in terms of risk/reward ratio.
The price has failed to reach the 50% retracement level, it has retraced twice to the 38.5% level.
The fractal indicator shows a bearish signal.
The EMA 50 cross shows a bullish signal.
Candlestick analysis: Bearish Harami
Bollinger bands show a bearish signal at the red circle on the chart.
There is an entry possibility however it is not the most ideal in terms of risk/reward ratio.
Trade closed: target reached
Target Achieved :)
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