AUDUSD Our expectations:
Correction to levels of diagonal and horizontal resistances where we can look for short positions with stop 0.7660.
The latest trend is downward and the correction to 23.6 Fibonacci on the steep movement makes the levels probable for short positions.
The price is also on resistance levels, where a bear pin bar is formed, increasing the probability of downward movement.
The SMA50 is targeting the SMA200 to cross from above - which can accelerate the downward movement in the event of a "deadly cross".
Alternative Scenario: If the price breaks over the resistance and a higher peak than the previous one, it will lead to bullish sentiments in the couple and we can look for long positions.
Trader Nikolay Georgiev
Read more:
25 Canada Square, Level 33, office 50, Canary Wharf London, E14 5LQ +44 20 3608 6256
World Financial Markets - 0700 17 600 Varchev Exchange - 0700 115 44
Varchev Finance Ltd is registered in the FCA (FINANCIAL CONDUCT AUTHORITY) with a passport in the United Kingdom: FCA, United Kingdom - registration number: 494 045, which allows provision of financial services in the United Kingdom.
Varchev Finance Ltd strictly comply with the statutes of the European directive MiFID (Markets in Financial Instruments). targeting increased efficiency, transparency and uniformity of financial instruments.
Varchev Finance Ltd is authorized and regulated by the Financial Supervision Commission - Sofia, Bulgaria: License number RG-03-02-05 / 15.03.2006
The information on this site is not intended for distribution or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
Disclaimer:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 63,41% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.