Potential Psychological Level Rebound Short Trade

March 9, 2012

FOREX

1

For those interested in trading the Aussie Dollar the thoughts attached are worth considering.

Simply Chart Patterns

AUD/USD is currently retracing back up to the 1.0700 psychological level. There is a confluence of the 200, 100 and 55 Simple Moving Averages around that level too. The level also coincides with the 61.8% Fibonacci Retracement Level too.

Overall, the Aussie has turned bearish after breaking strongly below a long term rising trend line (see the trend line is green in the chart above).

The plan is to watch the 1.0700 handle on the 1-hour chart, looking for some kind of reversal chart patterns or any sign of loss of upward momentum.

View original post

, ,

Subscribe

Subscribe to our RSS feed and social profiles to receive updates.

One Comment on “Potential Psychological Level Rebound Short Trade”

  1. Velociraptor Says:

    Brilliant, I shorted at 1.075 before and got stopped at 1.07. 50pts is blah.

    Shorted again at 1.075 I’ll hold the stop at 1.075 for a while.

    Great chart and analysis. Thanks.

    Reply

Leave a Reply

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

%d bloggers like this: