AUDUSD SHORT SETUP

AUDUSD DAILY

MARKET IS SIDEWAYS. PRICE BOUNCED OFF MR1 RESISTANCE WHICH IS TOP OF THE RANGE. SUPPORT IS AT MPP, AND WITH AN OVERBOUGHT STOCHASTIC I EXPECT PRICE TO BREAK THROUGH THE CURRENT SUPPORT LEVEL.

AUDUSD H4

MARKET IS SIDEWAYS, HOWEVER PRICE IS BEARISH AS WE SEE A 5&8 CROSS. AFTER FINDING RESISTANCE AT 0.77500 WHICH COINCIDES WITH MR1 PRICE FELL TO SUPPORT AT WPP WHICH ALSO COINCIDES WITH MPP. THE 55 MOVING AVERAGE ALSO ACTING AS DYNAMIC SUPPORT. STOCHASTICS ALMOST OVERSOLD, SO AS A BEAR I WILL WAIT FOR A PULLBACK & LOOK TO GO SHORT AT RESISTANCE.

AUDUSD H1

PRICE DROPPED AFTER HITTING RESISTANCE AND FOUND SUPPORT AT DM1 WHICH COINCIDES WITH MPP & WPP. AS I EXPECT PRICE TO PULLBACK, DPP IS THE AREA I HAVE IDENTIFIED TO OFFER STRONG RESISTANCE AS THE CLUSTER OF RESISTANCE INCLUDING DPP, 0.77000 PSYCH, 21&55 EMA'S, FIBZONE, AND ALL THIS COINCIDES WITH WM3 & MM3

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.