Yesterday, I published a potential trading idea on AUDUSD, on my YouTube channel.
The price is following an ascending triangle, but recent action is showing that sellers are getting stronger and may attempt to break the ascending triangle, pushing the price down.
There has been a nice reaction at the top of the triangle, then a double top (highlighted with the two red arrows) and a bearish engulfing pattern right after the second top.
This is only an analysis of a possible change of scenario. I'm not going to open any trade because the setup of the moving averages shows that it is not convenient to plan short positions, at the moment.
The price is following an ascending triangle, but recent action is showing that sellers are getting stronger and may attempt to break the ascending triangle, pushing the price down.
There has been a nice reaction at the top of the triangle, then a double top (highlighted with the two red arrows) and a bearish engulfing pattern right after the second top.
This is only an analysis of a possible change of scenario. I'm not going to open any trade because the setup of the moving averages shows that it is not convenient to plan short positions, at the moment.
Find out more at www.itstradingtime.com/