AUSSIE/DOLLAR is turning back towards trend level 0.7625

23 בנוב׳ 2017

As we are on Aussie/Dollar daily chart we can see this market is in down trend. price had made new lower low on 17-Nov-2017 and now market is turning back towards 0.7625 which is acting as near term daily support level. Also notice that this market was in consolidation phase from 6th to 10th of November. Technically price is coming to retest this past consolidated structure. We will wait and look for any sell signals from 1 hour / 4 hour or daily chart to get in shorts. We have great confluence factors lining up here such as Bearish trend, 20 ema just above the price, Fib retracement level 50-60%, horizontal near-term support near by. good trading!