Hi Traders,
We face a new week of trading, Looking at AUD/USD, I notice a very simple play. We are still in a downtrend on the pair and I am looking at the structure to provide me with an opportunity to go short.
As per the structure, we see that price has created a lower low, followed by a lower high, and the high has created a double top and broken the neckline. This setup provides multiple confluences in the direction of the overall trend. I would now like to see the price tap back into the neckline priced at 0.69750, If price does, I would wait for some sort of rejection to show that we may be going to the downside.
There is also a psychological price at 0.70000 which I would like to see respected. There is potential for the price to continue making lower lows But I would like to secure 90% at 0.68500
Let's have a smashing week on the charts.
Renaldo Philander.
We face a new week of trading, Looking at AUD/USD, I notice a very simple play. We are still in a downtrend on the pair and I am looking at the structure to provide me with an opportunity to go short.
As per the structure, we see that price has created a lower low, followed by a lower high, and the high has created a double top and broken the neckline. This setup provides multiple confluences in the direction of the overall trend. I would now like to see the price tap back into the neckline priced at 0.69750, If price does, I would wait for some sort of rejection to show that we may be going to the downside.
There is also a psychological price at 0.70000 which I would like to see respected. There is potential for the price to continue making lower lows But I would like to secure 90% at 0.68500
Let's have a smashing week on the charts.
Renaldo Philander.