The rounded shaped two tops shows that price is looking to drop down to test the nearest support. On the 2hours time frame, the price chart of AUDUSD has been spotted forming a double top(EVE&EVE). These tops are round in shape which clearly shows what it represent in name.
The rounded EVE and EVE top is a bearish reversal chart pattern most times spotted during an up trend.
Price has broken down from the horizontal support, which gives a clear signal to go short. Traders should always remember that when price closes below the horizontal support it tends to turn to future resistance.
The follow levels are what traders need to keep an eye on:
Open short position:$0.68737
Support 1: $0.68649
Support 2: $0.68504
Support 3: $0.68377
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.
The rounded EVE and EVE top is a bearish reversal chart pattern most times spotted during an up trend.
Price has broken down from the horizontal support, which gives a clear signal to go short. Traders should always remember that when price closes below the horizontal support it tends to turn to future resistance.
The follow levels are what traders need to keep an eye on:
Open short position:$0.68737
Support 1: $0.68649
Support 2: $0.68504
Support 3: $0.68377
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.