AUDUSD (S) DIRECTIONAL THOUGHTS
AUDUSD maintains to find resistance at 0.7000
On the daily chart (screenshot posted bellow) we can see price created double tops at the level of
Since July 6, 2020 price was sitting just below 0.70 but never actually rejecting it until 2 days ago, followed by a bearish engulfing candle yesterday. Additionally we're rejecting .785 fib level, trading back bellow it.
4 hr chart is still showing price creating higher highs and higher lows. Patiently waiting for this pair to further break down and present and entry,
Price action on the one hour chart shows we created a head and shoulders formation as indicated with the circles. Again yesterday we had a spike into 0.700 and again a rejection.
Updates will follow if price manages to present an entry for the strategies I trade. Once price breaks down, we could see it return to the weekly 50 ema as a profit target.
Short AUDUSD bias would fit the DXY bias I posted a few hours ago, have a look at that as well.
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** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
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On the daily chart (screenshot posted bellow) we can see price created double tops at the level of
Since July 6, 2020 price was sitting just below 0.70 but never actually rejecting it until 2 days ago, followed by a bearish engulfing candle yesterday. Additionally we're rejecting .785 fib level, trading back bellow it.
4 hr chart is still showing price creating higher highs and higher lows. Patiently waiting for this pair to further break down and present and entry,
Price action on the one hour chart shows we created a head and shoulders formation as indicated with the circles. Again yesterday we had a spike into 0.700 and again a rejection.
Updates will follow if price manages to present an entry for the strategies I trade. Once price breaks down, we could see it return to the weekly 50 ema as a profit target.
Short AUDUSD bias would fit the DXY bias I posted a few hours ago, have a look at that as well.
___________________________________
** DISCLAIMER* The content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting individuals to make independent trading decisions. Trading can be risky, make sure to use proper risk management!!
The analysis given out reflects my personal ideas and does not mean I personally take the trade, my preferred entry may never actually present itself.
___________________________________
Comment:
Comment:
Price pulled up to 0.6990 intraday support/resistance zone. Potentially creating a lower high and moving back down.