Let's look at the big picture - W1
Over the past two years, the pair has been on a rising trend, with AUD / USD currently at key levels of resistance. The price is in a zone of strong resistance formed by two long-term horizons, 50% Fibonacci of the last wave of long-term trend and diagonal resistance. 50 and 200SMA are still crossed, but the price is over 200 - a possible turnaround in the main downward movement.
Daily chart
On a daily chart, the price is located at the top of the resistance zone, giving us a good opportunity for a short Short with a short stop. We have a horizontal resistance coupled with 50% Fibonacci correction and a price reaching the upper limit of the channel. Dem (14) in an over-bought area - negative for the price. 50SMA crosses 200SMA from bottom to top - positive signal. We have Price Action - Gap in the downward direction - very negative for the price.
Taking into account the Australian's long ascending series over the past two months, a breakthrough in the resistance zone will not be sustainable. In that case, Short is better, but with a remote stop to overcome a possible false break up. SL from the current levels will be hit at levels around 0.8260, away from the resistance zone.
Jr Trader Petar Milanov
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