AUDNZD 4h Resistance TL & Retest
So we have a decent resistance TL, and there can be some argument here about its validity because there have been enough highs on this chart to plot 10 different trendlines.
The reason I am using this trendline is because in the first green and red circle, the trendline was confirmed.
1st green - trendline created
1st red - trendline retested and lower high is created
At this point, there was a double top formation and price dropped to the mid 1.03s
Now price went up again, tested the resistance TL:
2nd green - trendline retested again
2nd red - lower high may possibly be created, price gets rejected from trendline, at this point we sell, and add to our position once 1.0450 area is broken by bears.
The reason I am using this trendline is because in the first green and red circle, the trendline was confirmed.
1st green - trendline created
1st red - trendline retested and lower high is created
At this point, there was a double top formation and price dropped to the mid 1.03s
Now price went up again, tested the resistance TL:
2nd green - trendline retested again
2nd red - lower high may possibly be created, price gets rejected from trendline, at this point we sell, and add to our position once 1.0450 area is broken by bears.
Comment:
Going short now. Target is around where the arrow points. Stop loss above previous high.
