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AUDUSD: This DOUBLE TOP is going to REVERSE the Market!

Short
FX:AUDUSD   Australian Dollar / U.S. Dollar
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🟢Forex Pair:
AUD/USD

Technical Analysis:
In the weekly time frame, since the end of March 2020, the price has been following a nice uptrend, getting its first bounce just in November 2020. The price has actually reached a strong support zone and there is a possibility of a trend correction.

In the daily time frame the price is still following a clear uptrend, started at the beginning of November 2020 after it got its first rejection on the main trendline, and it's currently reached a daily support zone at about 0.76500.

In the h4 time frame the price got a double rejection on the support zone at about 0.78000, breaking through the ascending channel and reaching its dynamic support line. The next price action will be essential to understand the next market movement!

🔴Conclusion:
The price has been following a long uptrend since many days ago, and now it's reached an interesting support zone that rejected the price several times in the past.
I can see a possible double top pattern, usually a reversal pattern and I'm confident to see the price falling down until the next support zone at about 0.75000
I'll plan my short trade once the price will break the current support zone .

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

Marvelous! Your help counts.
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@abel11 so kind , as usual ! 😊
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You are amazing 😁
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FXtrades-gp TheSignalyst
@TheSignalyst, ahah aww Rich, such a good words! many thanks! :)
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