Aussie weakness may lead him to revisit 0.71 lvl based on A&E
Hi everyone !
Today the aussie shows us strong signs of weakness against the dollar, indeed the Adam and Eve configuration allows us to have an overview of the trend.
knowing that the neckline has just been broken and that the price has retested these levels twice without being able to go back above.
This tells us that the buyers have lost control, now the sellers have taken over.
We can therefore conclude that a continuation of the bearish leg undertaken since May 10 will continue.
To set the target, nothing could be simpler. it suffices to measure the length of the adam and eve pattern and to foresee a movement of a similar power below the neckline.
In addition, when using the volume profile we can observe that the orders at these places are ridiculously low, this allows to add consistency to this setup. because it means bulls dont have material to defend these zones.
As for the moving averages, a strong bearish signal can be noticed in weekly knowing that the EMA 10 has just crossed on the short side the EMA 20, and this has not happened for almost 1 year.
By considering all these elements we can estimate that to position itself with a short starting from these levels to aim for 0.71 is quite appropriate to the situation (and it is even recommended)
I will let you set your own Stop Loss and Take Profit (although you have indications of important levels to watch for taking profits which are represented by white striped lines).
Please ensure this is done in a professional manner.
This chart is not an investment advice, it is just an opinion sharing for pure passion and for the pleasure.
Feel free to share you opinion in the comments section !
See you soon! I'm done!
Today the aussie shows us strong signs of weakness against the dollar, indeed the Adam and Eve configuration allows us to have an overview of the trend.
knowing that the neckline has just been broken and that the price has retested these levels twice without being able to go back above.
This tells us that the buyers have lost control, now the sellers have taken over.
We can therefore conclude that a continuation of the bearish leg undertaken since May 10 will continue.
To set the target, nothing could be simpler. it suffices to measure the length of the adam and eve pattern and to foresee a movement of a similar power below the neckline.
In addition, when using the volume profile we can observe that the orders at these places are ridiculously low, this allows to add consistency to this setup. because it means bulls dont have material to defend these zones.
As for the moving averages, a strong bearish signal can be noticed in weekly knowing that the EMA 10 has just crossed on the short side the EMA 20, and this has not happened for almost 1 year.
By considering all these elements we can estimate that to position itself with a short starting from these levels to aim for 0.71 is quite appropriate to the situation (and it is even recommended)
I will let you set your own Stop Loss and Take Profit (although you have indications of important levels to watch for taking profits which are represented by white striped lines).
Please ensure this is done in a professional manner.
This chart is not an investment advice, it is just an opinion sharing for pure passion and for the pleasure.
Feel free to share you opinion in the comments section !
See you soon! I'm done!
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