Dollar strength is starting to build while my USDCAD short isn’t playing out as expected. Instead of closing the position, I’m looking at AUDUSD for a potential short to see if it can partially offset the exposure.
Top-down view:
Monthly: Price rejecting from a key resistance area after a strong impulsive move up → possible deeper correction.
Weekly: Confluence around the 38.2 retracement and a major level, suggesting room for a pullback.
Daily: Price reacting from an important zone that has acted as resistance multiple times.
Trade Idea:
Waiting for a 4H bearish close to consider a short with a tight stop above the recent high, targeting around 1:3 RR.
Question is:
Is this a smart hedge… or just adding more USD exposure?
Top-down view:
Monthly: Price rejecting from a key resistance area after a strong impulsive move up → possible deeper correction.
Weekly: Confluence around the 38.2 retracement and a major level, suggesting room for a pullback.
Daily: Price reacting from an important zone that has acted as resistance multiple times.
Trade Idea:
Waiting for a 4H bearish close to consider a short with a tight stop above the recent high, targeting around 1:3 RR.
Question is:
Is this a smart hedge… or just adding more USD exposure?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.