AUD/USD - D1 Our expectations
The price stay in mid term downtrend and make spin from key resistance level to downside direction. The zone is composed from main horizontal, formed from previous lows, upper diagonal on main trend and 50% Fibonacci retracement. 50 and 200SMA still in bearish formation - negative for the price. DeMarker still in neutral zone, which suggest fake upward impulses. Given the strong price action over the past few minutes, I expect the upward pulses to be short and fast for Stop Hunting. For this reason, stop loss orders should to be minimum 50 pips above the top, formed in last to candles.
SL: 0.77149
Alternative Scenario: If the price breaks through the resistance zone and stays above it in several consecutive bars, the negative scenario will ruin and we are more likely to see a rise in the Australian price.
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