So I've been ranting on for some weeks about this trade and I think we should have some confirmation by the end of this week, or certainly by the following week this correction resuming the downtrend.
Reasons for my assumptions:
1.) Rejection by the closing of price below the daily correction trendline
2.) Weekly trendline is still in tact
3.) RSI (high period) is nearing oversold territory
4.) DXY is looking positive for a big move north and therefore will naturally draw the AUD down
5.) The weekly trend is bearish
6.) Finally, the bearish wedge pattern usually gives a nice BIG trade when obeyed.
I'm already short on this pair and will place Sell stop orders below the superficial low marked to catch this next trade.
For more information please follow me or sign up to my developing website: www.ejfxtrading.com
Reasons for my assumptions:
1.) Rejection by the closing of price below the daily correction trendline
2.) Weekly trendline is still in tact
3.) RSI (high period) is nearing oversold territory
4.) DXY is looking positive for a big move north and therefore will naturally draw the AUD down
5.) The weekly trend is bearish
6.) Finally, the bearish wedge pattern usually gives a nice BIG trade when obeyed.
I'm already short on this pair and will place Sell stop orders below the superficial low marked to catch this next trade.
For more information please follow me or sign up to my developing website: www.ejfxtrading.com
