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TECHNICAL ANALYSIS:
The AUDUSD pair is definitely giving us an upcoming opportunity, in a weekly perspective the price is following a strong uptrend started at the end of March.
Back to the daily perspective we can see a rejection of the price once it reached the major trendline, in fact the price clearly bounced on it, starting a new uptrend.
An increasing of momentum and volumes, moved the price up, reaching a secondary trendline level, that actually acts as support and resistance at the same time.
This uptrend is definitely moving with strenght and decision, in fact the price easily broke the resistance zone, continuing the trend without any hesitation.
The price now reached an important resistance zone at about 0.76839, it touched an important trendline resistance and it closed the last day with a bearish pin bar, a possible sign of inversion.
CONCLUSION:
The price has been following a new uptrend since the beginning of November, and now it reached an important resistance level.
The price is already giving us few signs of weakness, including a bearish pin bar in a daily perspective, price overbought and the RSI divergence could be an extra confirmation.
Should you entry short in this trade? My answer is YES, and I'll show more details in my next H4 time frame perspective.
Trade safe,
Gianni
TECHNICAL ANALYSIS:
The AUDUSD pair is definitely giving us an upcoming opportunity, in a weekly perspective the price is following a strong uptrend started at the end of March.
Back to the daily perspective we can see a rejection of the price once it reached the major trendline, in fact the price clearly bounced on it, starting a new uptrend.
An increasing of momentum and volumes, moved the price up, reaching a secondary trendline level, that actually acts as support and resistance at the same time.
This uptrend is definitely moving with strenght and decision, in fact the price easily broke the resistance zone, continuing the trend without any hesitation.
The price now reached an important resistance zone at about 0.76839, it touched an important trendline resistance and it closed the last day with a bearish pin bar, a possible sign of inversion.
CONCLUSION:
The price has been following a new uptrend since the beginning of November, and now it reached an important resistance level.
The price is already giving us few signs of weakness, including a bearish pin bar in a daily perspective, price overbought and the RSI divergence could be an extra confirmation.
Should you entry short in this trade? My answer is YES, and I'll show more details in my next H4 time frame perspective.
Trade safe,
Gianni
