Double Tops, Triple Bottoms (M Shape)

FX:AUDUSD   Australian Dollar / U.S. Dollar
The AUDUSD has been ranging for a while and it is apparently that both resistance and support levels are respected by the market. As of last Friday, the chart has formed a nice "M" shape. With the latest chart bar closed as a bearish engulfing and given Australia Central Bank is expected to reduce its interest rate, the sentiment is bearish .
A sell stop should be place below the low of the bar.

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