In the beginning of the month we saw the AUDUSD move from MM2 and now we have reached the bulls profit target at MM4 which is where bulls get out. So as a bear i want to look for an opportunity to take price down to MPP as a counter trend trade so i will be looking at a lower time frame looking for a reversal.
We started off the week at WM3 and bears sold but they weren't enough bears to take price lower than 0.7591 (WPP) because price started to move back up at this level. So now i will patiently wait for a break of support at 0.7569 and wait for a pullback before i can sell this pair. If WM3 doesnt hold and bulls manage to break this level then i will not be trading this pair and will walk away.
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About The Forex Analyst
Graduate in Bcom Human Resources Management. I am a full time Currency Trader and Market Analyst using technical and fundamental analysis, I have been trading in the Forex market since 2016. I am also a part time student at the University of Johannesburg studying Finance and Investment Management. I am always looking to learn and improve my skills as a professional, consistent and successful Trader & Investor for above average returns and a better understanding of the financial industry and financial markets.