Good afternoon traders,
Just a quick Friday afternoon update on our AUD/USD short trade that we spoke about last week.
Here’s a short extract:
Take a look at the levels that I’ve put the markers on. That’s pretty obvious previous short term support turned resistance.
The qualifier for this trade is the fact that price is trending down and that the higher time frame resistance level around the 80c psychological level was rejected so heavily.
Fast forward to the present and take a look at how price reacted to the level:
When you have a higher time frame resistance level hold, it then becomes all about selling previous short term support that has the potential to turn to resistance just like this.
Have a fantastic weekend and as always, best of probabilities to you!
Dane Williams – Vantage FX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the forex trading account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.
Source: Vantage FX Blog