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 the downtrend line.
The downtrend is confirmed by the bearish cross of MA10 below MA20.
RSI:
• Higher highs on price charts and lower highs on oscillator chart. (Bearish Divergence).
• RSI is below the equilibrium level- 50.
Therefore, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit-1 at 0.7240 (S1) the B2 and take profit-2 at 0.7144 (S2) the 161.8% Fib. Stop loss should be a bit above the R1 and the downtrend line, thus the stop loss is at 0.7470.
For Short-holders we 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 the downtrend line.
The downtrend is confirmed by the bearish cross of MA10 below MA20.
RSI:
• Higher highs on price charts and lower highs on oscillator chart. (Bearish Divergence).
• RSI is below the equilibrium level- 50.
Therefore, we will recommend SHORT POSITIONS for the no position holders on AUD/USD. Take profit-1 at 0.7240 (S1) the B2 and take profit-2 at 0.7144 (S2) the 161.8% Fib. Stop loss should be a bit above the R1 and the downtrend line, thus the stop loss is at 0.7470.
For Short-holders we will recommend to HOLD their short positions and adopt the same stop loss and take profit orders as mentioned above.
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