AUDUSD bulls seem to running out of gas! If you check the H4 time frame, we have formed a bearish engulfing at a very strong key level. I will look to aussie to retest the bullish candle to the left of the bear engulfing for entry.
Also, we have distribution on H1 time frame and below, in the form of a double top which acts as a strong reversal pattern! Momentum has been slowing down and moving in the form of a rising wedge. A pullback at key fibonacci levels will present an entry, with stop loss above the week's high.
Overall nice risk to reward set up!
Also, we have distribution on H1 time frame and below, in the form of a double top which acts as a strong reversal pattern! Momentum has been slowing down and moving in the form of a rising wedge. A pullback at key fibonacci levels will present an entry, with stop loss above the week's high.
Overall nice risk to reward set up!
Trade active:
AUDUSD update! Price melted over 50 pips from sell zone! Target 1 has been hit at the -27% fibonacci level. Look for a continuation pattern for re-entry!