Following from an aggressive impulsive leg, price has rejected a major liquidity demand zone
for this pair. Notice how the weekly candle has also closed above the bullish
weekly 78.6% Fibonacci ratio. Looking at the overall structure here we have a third touch rejection of this overall ascending pattern. As we have had multiple weeks of indecision within this high value area I do anticipate some form of relief with a deep retracement from this level. At present AUD strength is looking probable which should encourage this pair to start pushing higher.
Instagram: @TheTravelTrader (https://www.instagram.com/thetraveltrade...
Twitter: @fx_ollie (https://twitter.com/fx_ollie