AUD/USD: Continues Downward?
The daily trend is in a downtrend technically indicated by following:
• Dow-pattern- lower tops and lower bottoms, (T1-B1-T2-B2).
• Price is currently trading below downtrend trend-line.
• Bearish Cross MA10 under MA20
• RSI is below 50
• MACD < 0
The Australian Dollar is trading lower having tested trend line resistance to expose lower since mid-October against the US Dollar.
Near-term resistance trend line is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of the 50% Fibo level at 0.7200. (Long position set at 0.7250, take profit at 0.7495 and stop loss at 0.7060).
On the other hand, a move below the support level –November 10 low- at 0.7016 opens the way for a challenge of the 0.6935-0.6900 area, (September lows).
Therefore, in case that the pair is trading across the downtrend trend-line, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit 1 at 0.6935-0.6900 take profit 2 at 0.6800 and take profit 3 at 0.6605. Stop loss should be a bit above the support level at 0.7200, thus the stop loss is at 0.7230.
For Short-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
• Dow-pattern- lower tops and lower bottoms, (T1-B1-T2-B2).
• Price is currently trading below downtrend trend-line.
• Bearish Cross MA10 under MA20
• RSI is below 50
• MACD < 0
The Australian Dollar is trading lower having tested trend line resistance to expose lower since mid-October against the US Dollar.
Near-term resistance trend line is at 0.7134, with a break above that on a daily closing basis clearing the way for a test of the 50% Fibo level at 0.7200. (Long position set at 0.7250, take profit at 0.7495 and stop loss at 0.7060).
On the other hand, a move below the support level –November 10 low- at 0.7016 opens the way for a challenge of the 0.6935-0.6900 area, (September lows).
Therefore, in case that the pair is trading across the downtrend trend-line, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit 1 at 0.6935-0.6900 take profit 2 at 0.6800 and take profit 3 at 0.6605. Stop loss should be a bit above the support level at 0.7200, thus the stop loss is at 0.7230.
For Short-holders I will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
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