AUDUSD Making a move down
This pair has failed to make a higher high: It has formed a head and shoulders on the daily Time frame: It has bounced off the key Resistance level of 1.69000.
I placed a pending order just below the Dail candle close on the 16th of Jan 2020. I am nearly at break-even with this entry. I have just taken 2 more positions because of the break of the neckline of the head and shoulders. The stop losses on these latest entries is conservative I have placed them at the same position of the stop loss on the first position that I took. Stop losses are trailing I am also aware that the dollar closed a little stronger at the end of the day and I will be checking to see what it is doing at the open today. If we continue to see the US dollar strengthen, Then my expectation is that we will see a further weakening in the AUD against the USD. The other factors I have taken into consideration are Fundamentals. The bottom line the AUD economy is not in good shape and further easing is being talked about as a possibility by the RBA. Take care out there traders. Cheers
I placed a pending order just below the Dail candle close on the 16th of Jan 2020. I am nearly at break-even with this entry. I have just taken 2 more positions because of the break of the neckline of the head and shoulders. The stop losses on these latest entries is conservative I have placed them at the same position of the stop loss on the first position that I took. Stop losses are trailing I am also aware that the dollar closed a little stronger at the end of the day and I will be checking to see what it is doing at the open today. If we continue to see the US dollar strengthen, Then my expectation is that we will see a further weakening in the AUD against the USD. The other factors I have taken into consideration are Fundamentals. The bottom line the AUD economy is not in good shape and further easing is being talked about as a possibility by the RBA. Take care out there traders. Cheers
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