During 2015, AUDUSD is weakning, recorded lowest price around 0,69.
And now, the pairs retest the support level (lowest price). The question is will it continue lower?
i always use my MARS technique to determine price direction.
First and the most important is 200SMA.
Where is the 200SMA? i will zoom out the chart
200SMA is above the current price, based on my MARS method we only consider sell signal. If you see the other two doted line (blue line is 50SMA, yellow line is 20SMA), it is clear that the pairs has strong down trend.
Second, find the closest price level to the current price
Now i switch it to monthly chart
There is no clear price level, let's go back to weekly chart
The closest price level is 2015 lowest price.I will wait until the price break the support level (2015 lowest price) to initiate open sell.
conclusion: wait for AUDUSD break support level at 0,69 to initiate open sell order
Enjoy your trade!
Friday, 15 January 2016
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