AUDUSD continues downtrend

audusd daily may 22
AUDUSD Daily Chart – Strong bear leg down nearing support of May 2012
  • AUDUSD continues downtrend and moves down another leg creating a new potential resistance region.
  • Look for price to Not get back up to .98382 for at least several days.
  • Next support area is likely .9581 which is the May 26th 2012 low.
  • Even though in a strong down trend be careful with shorts, no shorts inside previous days bottom wicks until price closes below.  Ideal shorting area, if price gets back to it would be a .618 of mot recent 4 hour down leg.
  • NO longs until a lower high has been set and taken out.
Advertisements

We welcome your feedback, let's learn and profit together.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s