AUDUSD Sell Analysis: The Ozzy Dollar has been in a strong downtrend since 2013. We have however, seen a retracement since mid March 2020 as it forms a new lower high. Following this retracement, I am expecting a new lower low.
I got in on this trade two weeks ago now but my entry was a little premature and since entering I have rode the pairs consolidation period. However, my analysis is starting to match up on the higher time frames so I am fully expecting a sell over the coming months.
Reasons for a SELL Trade:
- Descending Trend Line - 2nd Touch
- Daily/Weekly Price Action Rejection
- 0.70200 Psyche Level
- Structure Level
- Stoch Overbought
- Monthly 51 EMA (Expecting this to line up nicely with the price action)
- Daily Divergence (Ever so slight but it is there)
Please Note: This is a Swing Trade so may take weeks/months to reach the new lower low that I am expecting
I got in on this trade two weeks ago now but my entry was a little premature and since entering I have rode the pairs consolidation period. However, my analysis is starting to match up on the higher time frames so I am fully expecting a sell over the coming months.
Reasons for a SELL Trade:
- Descending Trend Line - 2nd Touch
- Daily/Weekly Price Action Rejection
- 0.70200 Psyche Level
- Structure Level
- Stoch Overbought
- Monthly 51 EMA (Expecting this to line up nicely with the price action)
- Daily Divergence (Ever so slight but it is there)
Please Note: This is a Swing Trade so may take weeks/months to reach the new lower low that I am expecting