28 May 2018 week - Short AUDUSD [update from 14 May 2018]
Technical Observations
- Weekly -
1.) Price breakdown of weekly trendline in previous weeks, tested it as resistance and cant break above
- 4 hour -
1.) 10/20 MA indicator is still bullish
2.) Price fail to break above 200 MA resistance after 2 tries
Market Sentiment Indicators:
- AUD COT Published on 25 May 2018-
Net non commercial changes: +1,994 or -3% {Long 42% Short 58%; Previous week: Long 43% Short 57%} -> Speculating more bearishness
Commercial hedging changes: -1,384 or +5% {Long 71% Short 29%; Previous week: Long 69% Short 31%} -> More hedging to the upside
* Sentiment is still bearish
Conclusion and action plan:
1.) keep an eye on the short trade and be weary of any bullish signal at the 10/20/50 MA support
# Orange dotted line - Weekly trendline
- Weekly -
1.) Price breakdown of weekly trendline in previous weeks, tested it as resistance and cant break above
- 4 hour -
1.) 10/20 MA indicator is still bullish
2.) Price fail to break above 200 MA resistance after 2 tries
Market Sentiment Indicators:
- AUD COT Published on 25 May 2018-
Net non commercial changes: +1,994 or -3% {Long 42% Short 58%; Previous week: Long 43% Short 57%} -> Speculating more bearishness
Commercial hedging changes: -1,384 or +5% {Long 71% Short 29%; Previous week: Long 69% Short 31%} -> More hedging to the upside
* Sentiment is still bearish
Conclusion and action plan:
1.) keep an eye on the short trade and be weary of any bullish signal at the 10/20/50 MA support
# Orange dotted line - Weekly trendline
