Does the double top make the pair bearish next week?
# 0.68300 has produce a Double Top
# A bearish engulfing candle has been formed at the resistance
AUDUSD had a bullish week, but the pair closed its trading week by showing some signs to get bearish in the week ahead. The price had rejection at the level of 0.68300 twice. At the second rejection, it produced a bearish engulfing candle followed by a bullish inside bar. It suggests that the price may get bearish next week. The price may find its next support around 0.66400.
On the other hand, if the price makes a bullish breakout at 0.68300, the buyers may push the price towards the upside. The price may find its next resistance around 0.70000.
Considering the chart, both the buyers and sellers have enough space to grab some pips. The pair has been bullish in the H4 chart for quite a while as well. However, the double top factor followed by that bearish engulfing candle may play a very significant role to determine the pair’s next direction.
# A bearish engulfing candle has been formed at the resistance
AUDUSD had a bullish week, but the pair closed its trading week by showing some signs to get bearish in the week ahead. The price had rejection at the level of 0.68300 twice. At the second rejection, it produced a bearish engulfing candle followed by a bullish inside bar. It suggests that the price may get bearish next week. The price may find its next support around 0.66400.
On the other hand, if the price makes a bullish breakout at 0.68300, the buyers may push the price towards the upside. The price may find its next resistance around 0.70000.
Considering the chart, both the buyers and sellers have enough space to grab some pips. The pair has been bullish in the H4 chart for quite a while as well. However, the double top factor followed by that bearish engulfing candle may play a very significant role to determine the pair’s next direction.