After FED meeting with a rate hike decision the first time since 2006, I just that I still favor LONG Dollar.
This article I mainly talk about Technical Analysis.
Look at on the chart :
- Firstly, RSI Indicator: It is testing the key descending trend line now: If it breaks this trend line, the bearish trend is confirmative.
- Secondly, I see a clear Head and Shoulder pattern on the chart, and AUDUSD now test the neckline of H&S pattern, if it breaks the neckline, downtrend is confirmative.
- Thirdly, Kumo cloud now is at 0.7150, and it is very thin. So A/U is very easy to break it. If A/U breaks Kumo cloud, one more downtrend signal.
I place a SELL Stop position at 0.71500, Stop loss at 0.7200, Take profit at 0.7040