FXtrades-gp

AUDUSD (Update): An interesting TREND CORRECTION

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

Technical Analysis:
On the 5th of February 2021, the price got a strong rejection on the support level at about 0.75900, quickly moving up breaking through S/R zone at about 0.76650 and continuing the same trend until the dynamic resistance of the symmetrical triangle pattern .
Since the beginning of January 2021 the price bounced on that level many times, and it is currently re-testing the same dynamic line.

🔴Conclusion:
The high volatility and a nice condition of overbought just around the current dynamic line, are a possible sign of inversion and I'm confident to see a bearish movement until the support zone at about 0.76500 and eventually until the secondary trendline.
I'm currently holding a short position on this trade.

Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!

⚠️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

well done Gianni!
+2 Reply
FXtrades-gp TheSignalyst
@TheSignalyst, Thanks Rich! :)
Reply
I love this analysis
+1 Reply
FXtrades-gp Dave-FX-Hunter
@Dave-FX-Hunter, Thanks Dave, I really appreciate
Reply
Thank you for this clean analysis! :)
+1 Reply
FXtrades-gp cristian_patitoiu
@cristian_patitoiu, Hi and thanks so much for your feedback? have u got a look on my other works as well? :)
Reply
nice one 🤗🙏
+1 Reply
FXtrades-gp Babenski
@Babenski, thanks babenski!
Reply
Good Job mate! Thanks
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, thanks a lot!
Reply
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