AUDUSD
Note: (MARKET IS REACTIVE AND NOT PREDICIVE)
From a daily perpective, price has clearly rejected the resistance zone and has created a historical double top.
Price is also at a support zone and we can see a break in support
Since market price moves in waves, the price can break the support and retest the broken support before making a move to the target of 0.61764
(PLEASE HIT THE LIKE BUTTON AND COMMENT WHAT YOU HAVE IN MIND TO SUPPORT )
With this 200 pips can be caught.
Also we see there are two uptrend lines which acts as a support, one has been broken, with a few candles the other will be broken. If this happens we can confirm with the strategy used to initiate a short position
Entries will be initiated using one hour or four hour timeframe.
(PLEASE HIT THE LIKE BUTTON AND COMMENT WHAT YOU HAVE IN MIND TO SUPPORT )
Comment:
AS PROFESSIONAL TRADERS WE NEED TO ADAPT TO THE MARKET CONDITIONS.
If price is to break the resistance zone we can adapt to a long position.
Feel free to like, share and drop a comment below.