AUD/USD: The Big Picture is pointing to the DOWNSIDE!
Updated
What’s up guys and welcome to my profile, my name is Gianni and today I’m going to analyse the AUD/USD, trying to translate the market information with a full technical analysis on different time frames perspectives.
For a better understanding of my bearish BIAS, let’s have a quick look on the monthly timeframe:
After a strong bearish impulse and a retracement, the market seems is continuing its trend to the downside, approaching now on a strong monthly support area.
Switching on the weekly timeframe:
As you can see in the chart, the market is clearly following a descending dynamic trendline, bouncing and getting a rejection on it a couple of times during the last months.
The last strong bearish impulse seems is getting a retracement right now and there is a good opportunity of trend continuation.
Let’s analyse the daily timeframe to get this situation with a better perspective:
The market is breathing and as the chart shows, on the level 0.38% of Fibonacci we have our previous monthly support.
Zooming out the chart, overall it’s clear that the market has a bearish perspective.
The last impulse is making a new low, lower than the previous one!
Finally back to the 4h chart:
The price is currently retesting the resistance zone and considering the overall bearish market, I will be only looking for short trades.
Before entering the market I’ll be waiting for a bearish price action around the current level with a RRR at least 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
For a better understanding of my bearish BIAS, let’s have a quick look on the monthly timeframe:
After a strong bearish impulse and a retracement, the market seems is continuing its trend to the downside, approaching now on a strong monthly support area.
Switching on the weekly timeframe:
As you can see in the chart, the market is clearly following a descending dynamic trendline, bouncing and getting a rejection on it a couple of times during the last months.
The last strong bearish impulse seems is getting a retracement right now and there is a good opportunity of trend continuation.
Let’s analyse the daily timeframe to get this situation with a better perspective:
The market is breathing and as the chart shows, on the level 0.38% of Fibonacci we have our previous monthly support.
Zooming out the chart, overall it’s clear that the market has a bearish perspective.
The last impulse is making a new low, lower than the previous one!
Finally back to the 4h chart:
The price is currently retesting the resistance zone and considering the overall bearish market, I will be only looking for short trades.
Before entering the market I’ll be waiting for a bearish price action around the current level with a RRR at least 1:2 or greater.
If you enjoy this trade idea, support my work with a thumb up and don’t forget to follow my profile for more detailed technical analyses!
Trade safe and responsibly,
Gianni
DISCLAIMER
Please note the views are not investment advice and should be used only for educational purpose
Order cancelled
The market broke the level to the upside. No action has been taken on this trade.
Related publications
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.