Looking to short AU from 0.71000 8H Timeframe Confluences: - Bearish market structure, only looking to enter short positions. - Currently sitting at a support-turned resistance. - Resistance coincides with fib reversal levels - If price action indicates a short position, this will be the third bounce off of the descending trendline. Waiting for price action to...
Australian dollar, can be seen to be moving into a larger falling wedge. Nice buy.
There are plenty of technical reasons to avoid AUDUSD. Nearly all exponential moving averages, which more heavily weigh the more recent days than the ones further away, point towards a continuation in the downward trend. The bull bear power index also indicates that AUDUSD long is an overcrowded trade. Indeed, data from DailyFX backs up this claim with its data...
The short-legged doji today tells us that the in general upward rally has come to an end as the Fed may signal doveishness, but moderate doveishness. IG says clients are net short, but only slightly. It's clear the trend is up, but is Chinese growth picking up again or are we just hoping it picks up again? I'll scalp a three percent short and sleep easy at night.