AUDUSD - SHORT SETUP - SELL
Updated
The Stochastic Oscillator %K value is 84.92% and the %D value is 91.64%. Both values are above 80, indicating an overbought condition. This suggests that the price has reached a relatively high level and a pullback or reversal may be likely. The price is likely to retrace back to around .66300.
From the Daily time frame, it is evident that the price is nearing a significant supply area. This suggests the possibility of a downward correction. We should observe whether the market will present us with a suitable trading setup.
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Trade active
Note
Once the price is able to break through the; 0.68441 range, the next stop with some resistance to breakthrough is most likely 0.67899Note
Price has now broken the 0.68441, It is currently making a retest before heading towards 0.67899Trade active
TP 1 Reached.. We can now see the price facing some resistance as projected earlier. If the price is able to break through this, the next stop with a delayed running resistance will most likely be .66970 range
Note
The perception that bearish trends are slower compared to bullish trends is a common observation in financial markets. While this notion may hold true in certain situations, it is essential to understand that the speed and duration of both bullish and bearish trends can vary significantly based on various factors.It's essential to recognize that while bearish trends may seem slower, they can still be significant and have substantial consequences for investors. As an investor, understanding market dynamics, conducting thorough research, and applying risk management strategies are crucial for navigating both bullish and bearish trends effectively.
Trade active
TP 2 Reached AUDUSD is currently retesting the TP1 resistance again. It has now been tested and failed twice. There is a high probability that it will start heading back down. The advantage here now is that if the price breaks through TP2 again, it would have broken the BULLISH Higher Low trend causing a complete and almost full reversal to Bearish. These moves would almost guarantee the TP 3 path. Trade safely and this is not financial advice
Economically, the projection is that the price would have fully reversed before the FED meeting on the 28th. Economically, that may be a big price mover, so be cautious moving forward
Trade closed: target reached
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