Price is in a Bullish Ascending Channel. This pair has tried to break the Daily Resistance Area of 76 - 76.50 but failed. Sellers are still in control and safe haven currencies are still in demand. JPY is strong this period and Australia still has rising cases of coronavirus.
Confluence of 61.8 Fibonacci Resistance Level and Daily Pivot Point at 76.33. so we have two types of resistance levels here. We also have a harmonic pattern that is forming. The harmonic pattern is the Bearish Butterfly pattern.
Trade Idea:
First move (Sell)
Looking to sell when price gets to 76.33 with target TP at 76.00
Second Move (Sell)
Wait for price to go up to above above 76.00 and complete the harmonic pattern. After that Sell at 77.70. with TP1 at 76.60 and Second Target TP2 at 76.00
As usual we enter this trade with a tight stop loss to reduce the risk. No much news till next trading week. The market is still in Bearish mood. Cheers!!
Confluence of 61.8 Fibonacci Resistance Level and Daily Pivot Point at 76.33. so we have two types of resistance levels here. We also have a harmonic pattern that is forming. The harmonic pattern is the Bearish Butterfly pattern.
Trade Idea:
First move (Sell)
Looking to sell when price gets to 76.33 with target TP at 76.00
Second Move (Sell)
Wait for price to go up to above above 76.00 and complete the harmonic pattern. After that Sell at 77.70. with TP1 at 76.60 and Second Target TP2 at 76.00
As usual we enter this trade with a tight stop loss to reduce the risk. No much news till next trading week. The market is still in Bearish mood. Cheers!!