AUUSD: Good Market for Shorting
The price broke the local support and SMA50. It gives a solid bearish signal and we should expect a downward movement against the main uptrend. RSI and MACD are bearish and support the downward movement. The price will be able to reach SMA200 which is a good profit target.
How to trade? Search for trend following setups in the hourly and minutes timeframes. Open short trades using reversal and breakout signals. Place stop orders above the local swing high and resistance zones. Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
How to trade? Search for trend following setups in the hourly and minutes timeframes. Open short trades using reversal and breakout signals. Place stop orders above the local swing high and resistance zones. Risk per trade must be no more than 2% of the capital.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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