Hi Traders,
As we can see price broke above the daily resistance now become daily support. Now, price retraced to the daily support that aligns with the 0.328 fib level. Price action indicates that price will continue to the upside. However, there are negative confluences which makes this a risky trade. One, I am anticipating some weakness in AUD in the upcoming week and two, it is possible for price to test the neckline of the W formation.
What are your thought: long, short or no trade? Let me know below.
As always do your own trade analysis and use proper risk management.
As we can see price broke above the daily resistance now become daily support. Now, price retraced to the daily support that aligns with the 0.328 fib level. Price action indicates that price will continue to the upside. However, there are negative confluences which makes this a risky trade. One, I am anticipating some weakness in AUD in the upcoming week and two, it is possible for price to test the neckline of the W formation.
What are your thought: long, short or no trade? Let me know below.
As always do your own trade analysis and use proper risk management.