SantanderCapital
Short

AUD/USD Downside Expected

FX:AUDUSD   Australian Dollar/U.S. Dollar
93 2 5
Chart: Daily Time Frame
Market: Bullish Trend

Bearish Indicators:

1. High test candlestick pattern found on Weekly time frame @
key weekly/daily resistance level (0.77500)
2. Double top @ 0.77500 (26 & 27 April)
3. Bearish engulfing candle @ 0.77500 (27th April)
4. Lower highs (marked by red dots)

Price managed to close below 0.7600 last week, but will most likely pull back around the 0.76700 area
before moving further to the downside - expected to reach trend line support.

Agree/Disagree? Comment Below!

Related Ideas

McFearless
7 months ago
im curious to see how close to that .76700 level it will get.
Reply
SantanderCapital McFearless
7 months ago
Same. It could reach .76700 and reverse (as anticipated) or break through to new highs. Just have to wait and see.
Reply
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