- 1/ The AUD/USD has just tested the Resistance of 200 day's Moving Average Line which is also the 61.8% Fibo's Retracement. 0.7100 was a previous support position and became a resistance since it had been broken on Jan 6.
- 2/ The MACD gives a over-buying value on 4hour's chart.
- 2/ Suggest try short it at current price:
Open 0.70825
Stop 0.715
TP 0.694
Risk/Reward Ratio:2.09
Note
Although the price is still restricted by 200 day's MA and 61.8% Fibo Retracement, it still couldn't break the first challenging support of 0.704 which is also the 76.4% Fibo Retracement.Keep an eye on it.
0.71058(61.8%) is the point for the price to reach 0.7200, and the 0.704(76.4%) is a door to 0.6935.(100%)
Note
Finally broke the first support and heading to first target.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.