AUD/USD Bulls failing repeatedly to break the Resistance
Since last week, AUD/USD Bulls are hesitating to break the resistance. Multiple daily candles with long wicks at the top indicate that bulls are not so confident anymore. Yesterday, the bears showed up with a big red daily candle.
Although bulls have managed to hold the price near the key 0.70 level, they seem weak now.
I have had a very good run buying AUD/USD on every dip for the last two months. But, I have closed all my Buy orders now.
Although I don't go against the trend, selling AUD/USD near 0.70 to 0.7060 is looking attractive now.
My plan is to place a sell order now and target the 0.67 area now.
Even if I lose, the loss will be much smaller compared to the potential profit.
Although bulls have managed to hold the price near the key 0.70 level, they seem weak now.
I have had a very good run buying AUD/USD on every dip for the last two months. But, I have closed all my Buy orders now.
Although I don't go against the trend, selling AUD/USD near 0.70 to 0.7060 is looking attractive now.
My plan is to place a sell order now and target the 0.67 area now.
Even if I lose, the loss will be much smaller compared to the potential profit.
Trade active:
Sell order active at 0.7050
