Australian dollar has been considerably weak this week, and this is a trend continuation trade. I have a daily, h4 and hourly analysis laid out below.

Aud/usd daily chart

On the daily we have come MM3, reached first target of MM2, and second target is Ms1. my entries are on a daily basis, and are thus more conservative.

Aud/usd h4 chart

the 2`1 and 55 ma's have crossed to the downside, as shown by the tick, there is good angle and seperation developing between them. Furthermore price has bounced off of the h4 21, as shown by the thumbs up. and as indicated by the down arrows, we are making lower lows, and thus my entry is on the latest lower low.

Aud/usd hourly chart

price has formed as nice triple top, or triple tweezer top, indicating nice price action resistance coming off both the 61.8 fib level, and Dr1, targets are dm2, and ds1.

One thought on “Aud/usd daily short. 2016/10/12”

  1. Nahomie Laduchesse Namie says:

    nicely explained

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