Hey guys, very simple: we had a very long rally on AUDUSD, RSI is deeply overbought. Price is testing previous daily structure that seems to hold. If the current candle will close below the previous opening, this is a sell. Unfortunately i'm already involved in two AUD trades, so i can't take this one. Hope someone can exploit this situation. No brainer trade, mostly for the possible huge risk to reward ratio (if you split your position). Make your choice!
If you have any doubt, please comment below. Otherwise, see you in the next chart!
Based on Market Profile (volumes) and Price Action there is very strong swing support at 0.7246. There was about 2 week rotation where the big players accumulated their long trades and then moved the price agressively higher. You Can see this strong trading activity even on yearly volume profile!
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis:
Roker1
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Hey @Trader_Dale, thanks for such a detailed analysis! Let's see what happens
UnknownUnicorn387996
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It looks like cup formation.
Roker1
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@oguzhanatman, it could be! Let's see what price does.
Telson
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I just got a nice sell order on 0.75018... I have been watching this closely for quite some time and I totally agree to your idea.
Expecting the price to reach 0.74000's fairly easy.
If the price comes back to 0.7246 I think that the agressive buyers will come again and push the price higher once more.
Here is my analysis: