AUDUSD: Short Position Stopped Out, Bias Still Bearish
Strategy: Pending Short
Weekly Profit / Loss: -172 pips
Total Profit / Loss: -172 pips
Last week, we sold AUDUSD at 0.8890 as prices produced an Evening Doji Star bearish reversal candlestick pattern. The trade did not work out as expected and was stopped out after prices closed above 0.9043 on 03/03. However, we continue to favor the downside with prices apparently showing a Rising Wedge chart formation bolstered by negative RSI divergence. We do not have a clear entry signal at present but will continue to monitor price action for selling opportunities.
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