Possible short AUDUSD ... the week of 27 May
Updated
The uptrend of this pair has been broken as evidenced by the double top and then, price crossing below the uptrend line. Now we can see a nice structure forming as the pair makes its way to the downside. My arrowed line indicates what I would like to see happen, but it is rare to see an ideal formation.
I will be watching this pair next week for further indication that bearish trend will continue and take action at the appropriate time. An initial target in the area between 0.6465 and 0.6450 seems logical with the possibility of lower levels too.
This is not a trade recommendation.
Trading carries a high level of risk, so only trade with money you can afford to lose.
Please use sound money and risk management in all your trades.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
I will be watching this pair next week for further indication that bearish trend will continue and take action at the appropriate time. An initial target in the area between 0.6465 and 0.6450 seems logical with the possibility of lower levels too.
This is not a trade recommendation.
Trading carries a high level of risk, so only trade with money you can afford to lose.
Please use sound money and risk management in all your trades.
If you like my idea, please give a “boost” and follow me to get even more.
Please comment and share your thoughts too!!
Note
No trade for me yet. This pair continued bullish action more than I expected. As they say - always expect the unexpected.The last 4 H4 candles show consolidation, so I continue to wait.
Trade active
Entered short at 0.6647. Stop 15 pips above recent high.Trade active
Currently 30 pips in profit.The skill required now is trade management.
Good luck to those who are trading this pair!!
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