AUD/USD What a rally?What about a rest?
Record expansion in Australlia continues after data showed that australian economy grew by 0,3% the first quarter.Meanwhile AUD/USD is trading at 0,7550.
Although it's rally,we can see that the australian dollar is ready for a ''digestive'' pull back after that rally forming a bearish advance pattern and goinh towards a resistance area.
As we see at the chart we have two formations,an inverse head and shoulders and a bearish Butterfly pattern.
The inverse head and shoulders pattern(red lines) is about to be broken as price is fighting it's neck line,if not we have a continuation of the downtrend.
If price break the neck line then we are watching for the 1.27% Fibonacci Extension of XA leg of the bearish butterfly pattern and previous resistances to take a short trade.
Short trade is favoring as the 200EMA is slightly bearish.
We can also notice the downward red trendline which is broken and it propably going to act as a support in an upcoming pullback as it coincides with the 61.8% Fibonacci retracement of CD leg of the advanced pattern formation.
Stochastics are in overbought area.
POSSIBLE SHORT TRADE:
FIRST TARGET T1 AT 0,7520 WITH 2.5 P/L
SECOND TARGET AT 0,7460 WITH 4.5 P/L
BUY STOP AT 0,7650
THANK YOU FOR SUPPORT!
HAPPY TRADING!
Although it's rally,we can see that the australian dollar is ready for a ''digestive'' pull back after that rally forming a bearish advance pattern and goinh towards a resistance area.
As we see at the chart we have two formations,an inverse head and shoulders and a bearish Butterfly pattern.
The inverse head and shoulders pattern(red lines) is about to be broken as price is fighting it's neck line,if not we have a continuation of the downtrend.
If price break the neck line then we are watching for the 1.27% Fibonacci Extension of XA leg of the bearish butterfly pattern and previous resistances to take a short trade.
Short trade is favoring as the 200EMA is slightly bearish.
We can also notice the downward red trendline which is broken and it propably going to act as a support in an upcoming pullback as it coincides with the 61.8% Fibonacci retracement of CD leg of the advanced pattern formation.
Stochastics are in overbought area.
POSSIBLE SHORT TRADE:
FIRST TARGET T1 AT 0,7520 WITH 2.5 P/L
SECOND TARGET AT 0,7460 WITH 4.5 P/L
BUY STOP AT 0,7650
THANK YOU FOR SUPPORT!
HAPPY TRADING!
Kommentera:
If you had a pending order at 0,76200 level you may filled so now lets see plenty of time to leave this bearish Butterfly pattern to evolve.
Handel aktiv
Kommentera:
Excellent price behaviour and already nice profit..
Trade stängt: Stopp nått
Thanks for support..