AUDUSD : two breakdowns = first indications of weaknessThe AUDUSD pair is inside an upside trend, since June 2016. Higher tops and higher bottoms were defining that trend.
Currently, there are the first signs of a potential weakening bullish dynamic :
- The pace of the progression is slowing down , as shown by the break of the ascending trendline support. This was the first signal that should have raised our attention.
- The previous short term bottom (0.75576) has been broken too .
These two elements happened on the same day.
The next step to see if the AUDUSD is really constructing a reversal is the support at 0.75065, which is reinforced by the 200 days moving average . If that level had to be broken too, we would be looking for short term bounces to find opportunities to enter short on that pair.
Stay tuned, and feel free to leave a comment with your opinion
Break
Kiwi/Dollar Movement IncomingLets watch and see how the market reacts to this trend-line.
I will be buying on a bounce (confirmed candle).
I will be looking to see how price acts around .70035 if the trend-line breaks down. My guess is that it will be broken too, although we will have to wait and see. If it is broken too, I will short.
Aussie/Canadian Movement IncomingI'm going to be looking for movement here in this region. 3 things could happen.
1.) Pair rebounds quickly without coming close to the resistance/trend-line, in which case I will skip this trade.
2.) Pair falls further into the resistance zone and bounces off of the trend-line. If confirmed, I will enter long.
3.) Pair falls into zone and breaks below trend-line. If confirmed, I will enter short - or look to see if a double top is forming, in which case I will hold off on the trade until that is confirmed.
Dollar/Yen Long broken resistance and trendlineI've been in this trade since 102.850 when we got a confirmed trendline break/double top (or triple, depending on your definition) situation. I hope to ride this into the next price level at 106.856. You can still get in, as the 104.081 level was broken only recently. I'll probably be placing my stop @ 106.496, a few ticks short of the headline 106.5 number.
Can't break the ascending triangleIf it doesn't break out the triangle soon, this thing is going down