AUD/USD: Continues Downward?
The daily trend is in a downtrend technically indicated by following:
• Dow-pattern- lower tops and lower bottoms, (T1-B1-T2-B2).
• Price is currently trading below downtrend trend-line.
• Bearish Cross MA10 under MA20
• RSI is below 50
• MACD < 0
The Australian Dollar is trading lower having tested trend line resistance to expose lower since mid-October against the US Dollar.
Near-term resistance trend line is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of the 50% Fibo level at 0.7200. (Long position set at 0.7250, take profit at 0.7495 and stop loss at 0.7060).
On the other hand, a move below the support level –November 10 low- at 0.7016 opens the way for a challenge of the 0.6935-0.6900 area, (September lows).
Therefore, in case that the pair is trading across the downtrend trend-line, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit 1 at 0.6935-0.6900 take profit 2 at 0.6800 and take profit 3 at 0.6605. Stop loss should be a bit above the support level at 0.7200, thus the stop loss is at 0.7230.
For Short-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
• Dow-pattern- lower tops and lower bottoms, (T1-B1-T2-B2).
• Price is currently trading below downtrend trend-line.
• Bearish Cross MA10 under MA20
• RSI is below 50
• MACD < 0
The Australian Dollar is trading lower having tested trend line resistance to expose lower since mid-October against the US Dollar.
Near-term resistance trend line is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of the 50% Fibo level at 0.7200. (Long position set at 0.7250, take profit at 0.7495 and stop loss at 0.7060).
On the other hand, a move below the support level –November 10 low- at 0.7016 opens the way for a challenge of the 0.6935-0.6900 area, (September lows).
Therefore, in case that the pair is trading across the downtrend trend-line, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit 1 at 0.6935-0.6900 take profit 2 at 0.6800 and take profit 3 at 0.6605. Stop loss should be a bit above the support level at 0.7200, thus the stop loss is at 0.7230.
For Short-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.