We're looking to short from 0.7034....
Early on in U.S. trade yesterday, the Aussie was heavily bid above the H4 range resistance 0.6931 up to the large psychological resistance 0.7000. Given the selling wicks currently being printed here on the H4, would we consider this a viable platform to short today? Well, as much as we love our round numbers, no we would not. The reasons for why are as follows:
1. Directly above 0.7000 sits two H4 Quasimodo resistances at 0.7059 and 0.7035.
2. 0.7035, the lower of the two Quasimodo levels happens to also be a weekly resistance level.
3. The approach seen on the H4 is very close to completing a near-perfect H4 alternate AB=CD bearish pattern (0.7039).
4. In between also sits mid-level resistance 0.7050.
Due to the collection of structures forming here, our team is going to place a pending sell order at 0.7034, with a stop at 0.7066 (above the upper Quasimodo high). Yes, this is a rather large stop, but considering that this setup contains weekly resistance, the move from here could be quite substantial.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 0.7034 Pending order (Stop loss: 0.7066).
1. Directly above 0.7000 sits two H4 Quasimodo resistances at 0.7059 and 0.7035.
2. 0.7035, the lower of the two Quasimodo levels happens to also be a weekly resistance level.
3. The approach seen on the H4 is very close to completing a near-perfect H4 alternate AB=CD bearish pattern (0.7039).
4. In between also sits mid-level resistance 0.7050.
Due to the collection of structures forming here, our team is going to place a pending sell order at 0.7034, with a stop at 0.7066 (above the upper Quasimodo high). Yes, this is a rather large stop, but considering that this setup contains weekly resistance, the move from here could be quite substantial.
Levels to watch/live orders:
• Buys: Flat (Stop loss: N/A).
• Sells: 0.7034 Pending order (Stop loss: 0.7066).
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