Trade of the day. Sell AUDUSD as upward momentum has faded
A few notes about this chart in point form backing my argument.
1. MACD crossover possible after bouncing below off the MACD trend.
2. Importantly Relative Strength Index which has been climbing even after the AUD has spiked downwards to the upward support has finally broken down AND may fall below the historical declining strength trend. On the other hand it may act as the support.
3. CCI is not oversold.
4. Price has bounced below from the 200 day MA and is now at the juncture of other MAs plus at weekly support.
The trade: Sell ONLY if there is a break below the current upward support. Stop loss above 200 Day MA.
1. MACD crossover possible after bouncing below off the MACD trend.
2. Importantly Relative Strength Index which has been climbing even after the AUD has spiked downwards to the upward support has finally broken down AND may fall below the historical declining strength trend. On the other hand it may act as the support.
3. CCI is not oversold.
4. Price has bounced below from the 200 day MA and is now at the juncture of other MAs plus at weekly support.
The trade: Sell ONLY if there is a break below the current upward support. Stop loss above 200 Day MA.