Price has been slowly creeping up for the past few days. You can see that price rejected upside on long term trendline that goes back to 8 September 2017. Blue rectangle area is also a strong resistance zone (0.7864-0.7889). You can enter short with a stop above blue rectangle area with a good risk to reward of at least 1:3.
I would personally enter short when it breaks the rising trendline on H1
Trade ist aktiv:
Trade has been active upon break of rising trendline. Did not have time to update here.
Price has retested descending yellow trendline connecting highs from 8/9/17 and 20/9/17 and bounced off it. More reasons to believe this will head down.
Trade is still active. Price has spiked up due to China voicing out concerns on U.S. Treasuries but once again failed to close above the descending yellow trendline. It seems to test it yet again. If it closes above, I'll close my position on this pair and wait for the next set-up given. If it rejects, I might add more positions to the current ones.
Maybe AUD Retail Sales will give us a CLEAR direction on this pair in 9.5 hours time..