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AUD / USD set up for decrease in a resistance zone

Forex AUD/USD D1 Technical Analysis Our expectations:

Short trend and short-term long correction. Movement in the trend channel, the price has reached the upper boarder, allowing entry by the trend. Test of 50SMA, the price holds below. Entry at these levels is aggressive, more conservative traders would wait for eventual triggers and testing the zone, around 0.729.

Price action: Pin bar at resistance level.

Indicators:
50SMA below 200SMA Short Trend Verification. Test of 50SMA, the price holds below.
Price below 23.6% Fibonacci.
DeMarker on neutral teritoty.

SL: 0,32 stop deliberately moved out of the bundles to prevent triggering.

Alternative Scenario: Verified breakthrough 0.732 means forming of a new short to mid term long trend.


 Trader Georgi Bozhidarov

Varchev Absolute Trader

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