This setup is base on the following price confluences.
1. Downtrend on monthly chart candle and weak economics of AUD.. where the commodities price getting hit by USD strength.
en.wikipedia.org/wik...Economy_of_Australia
2. Strength of USD also amplify the drop. (Please check related idea for USD strength status)
Setup configuration ::
(As point by Blue box)
This number come from many previous week price support/resistance as indicated by RED arrows.
(As point by RED box)
This number come from the last peak (before it create a new Lower-Low)
( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
This number come from price support around late 2008. ( As point by orange arrow. )
1. Downtrend on monthly chart candle and weak economics of AUD.. where the commodities price getting hit by USD strength.
en.wikipedia.org/wik...Economy_of_Australia
2. Strength of USD also amplify the drop. (Please check related idea for USD strength status)
Setup configuration ::
(As point by Blue box)
This number come from many previous week price support/resistance as indicated by RED arrows.
(As point by RED box)
This number come from the last peak (before it create a new Lower-Low)
( If price go above this level it mean there is not down trend anymore. and short positions should be exited)
This number come from price support around late 2008. ( As point by orange arrow. )
