MarketsMechanic

Approach towards AUDUSD Short.

Short
MarketsMechanic Updated   
FX:AUDUSD   Australian Dollar / U.S. Dollar
Hello Traders!

1. We see an Elliotical rising wedge completed.

2. A clear impulse down. We can expect at least one more impulsive wave even if it happens to be a zigzag correction and not an impulse down.

3. A retracement of 61.8%.

4. The invalidation level and target levels have been marked on the chart.

5. This is not a very long term trade. Though, it is not expected for AUDUSD market to touch the invalidation level even after our trade is complete, we will still not go short further than Target 2 and wait for re-entry.

Do use proper risk management.
Happy Trading!

Profits,
Market's Mechanic.
Trade closed: stop reached

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.