AUDCHF-bearish bat at strong resistance
After a long rally im closing all positions and ready to go short (see related ideas).
The AUD is still strong, i expect some correction here because price is extremely overbought and needs a pullback.
Looking at W1 chart we see price is bouncing from a trendline resistance, stochastics overbought and hidden bearish divergence:
Here at D1 chart:
- bearish bat, price is already reacting to the PRZ
- round level 0.75000
- macd overextended and about to cross
- engulfing bearish candle.
I dont expect a deep retracement so i will be ready to take profits as soon as possible and move SL to BE.
Regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
The AUD is still strong, i expect some correction here because price is extremely overbought and needs a pullback.
Looking at W1 chart we see price is bouncing from a trendline resistance, stochastics overbought and hidden bearish divergence:
Here at D1 chart:
- bearish bat, price is already reacting to the PRZ
- round level 0.75000
- macd overextended and about to cross
- engulfing bearish candle.
I dont expect a deep retracement so i will be ready to take profits as soon as possible and move SL to BE.
Regards
*****************DISCLAMER********************************************************************
This is just and idea, not a recommendation to buy or sell.
Always do your own analysis and plan before opening a trade.
Any respectful and constructive ideas are welcome (agree or disagree).
Comment:
first and second target hit, moving sl to be
