Looks like we could be reaching the low of .7000 by the end of this week, especially with AUD news coming within the next few hours we could get the move we are looking for to the downside.
Confirmations:
-Daily: For our MA's we are showing heavy momentum to the downside, we are looking to complete a 78.6% fib extension which is close to the .7000 level, and we had a strong daily close beneath our LL and weekly support which is now resistance.
-4h: Once we broke beneath that weekly support we immediately came up the retest that zone as resistance and then the next candle engulfed heavy showing us that we do have a lot of momentum to the downside! the past 8 hours have just been weak retracements of the engulfing which I think is price stalling and waiting to move before the news comes out.
-1h: It's easy to tell that when we broke that yellow zone to the downside it did not like it as a ceiling since there were wicks and heavy bearish candles, we are also currently treating that 8 ema as resistance.
** The reason that I decided to sell now is because around 5pm is the opening time for Sydney and their markets so we could start to see some movements pretty soon and also with news coming in about 3 hours it's good to get into trades without forcing them right before news events.**
Confirmations:
-Daily: For our MA's we are showing heavy momentum to the downside, we are looking to complete a 78.6% fib extension which is close to the .7000 level, and we had a strong daily close beneath our LL and weekly support which is now resistance.
-4h: Once we broke beneath that weekly support we immediately came up the retest that zone as resistance and then the next candle engulfed heavy showing us that we do have a lot of momentum to the downside! the past 8 hours have just been weak retracements of the engulfing which I think is price stalling and waiting to move before the news comes out.
-1h: It's easy to tell that when we broke that yellow zone to the downside it did not like it as a ceiling since there were wicks and heavy bearish candles, we are also currently treating that 8 ema as resistance.
** The reason that I decided to sell now is because around 5pm is the opening time for Sydney and their markets so we could start to see some movements pretty soon and also with news coming in about 3 hours it's good to get into trades without forcing them right before news events.**
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