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