AUDUSD - Retracement to Ranging to Lower High
Mis à jour
The dollar has been weakening on retracement which has also caused AUDUSD to progress higher in the form of a major retracement.
That retracement went into a range between 0.7100 and 0.7150 for about a week.
And finally, as of yesterday, the first lower high of the month is created as price started to break away from the range.
This is largely caused by a strengthening dollar and it is very likely for the dollar to strengthen for a third consecutive day base on technical factors.
Most importantly, shorting the AUDUSD near the 0.7130 region allows a tighter stop loss and more space for profit.
That retracement went into a range between 0.7100 and 0.7150 for about a week.
And finally, as of yesterday, the first lower high of the month is created as price started to break away from the range.
This is largely caused by a strengthening dollar and it is very likely for the dollar to strengthen for a third consecutive day base on technical factors.
Most importantly, shorting the AUDUSD near the 0.7130 region allows a tighter stop loss and more space for profit.
Note
No sign of reversal at supply zone signals for the lack of sellers. Wait and see if the H1 chart and turn into an inverted hammer before going in at this point.
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