AUD/USD: Short Trend with short term correction
FIB correction to 38.2% - level of resistance
Price action: Engulfing bar in the direction of the short trend, the currect bearish bar engulfs 3 previous bars
Price is below the 3 SMA's, as 5ЕМА moves below 25 ЕМА, RSI moves below25 ЕМА, at the moment in which the price also moves below25 ЕМА.
CCI(50) moves below its previous low and below 0
SL: 0.7634. In order to get a better price, look for entry at around 0.7549 - around the break
Alternative scenario:
If the price moves above its previous high will cancel the negative formation.
Sentiment: The cut in the interest rate in Australia, will have negative impact on the AUD currency
Stefan D. Angelov - Head of Stocks Trading
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