The Aussie just hit a very strong resistance,
Yes it's been on an uptrend since october, but, in this scenario, this uptrend could have been a retracement part of the massive downtrend that started in 2021,
After the market moves from this week, price have bounced off the 0.70 - 0.71 level and is looking like it's going south, to go hit the 0.675 area first, and the 0.62 - 0.63 are if further continuation
The reasons why it is looking like it's gonna fall :
1) In a downtrend on Weekly
2) bearish engulfing on Weekly
3) Fifth touch of the 0.70 - 0.71 area
4) 3rd touch of Trendline
5) In the 0.50 - 0.61% Fib retracement
Let's see what it does, but, looks bloody!!
I will be looking for short entries on the H8 - H12 - D1 , will keep you posted!
Yes it's been on an uptrend since october, but, in this scenario, this uptrend could have been a retracement part of the massive downtrend that started in 2021,
After the market moves from this week, price have bounced off the 0.70 - 0.71 level and is looking like it's going south, to go hit the 0.675 area first, and the 0.62 - 0.63 are if further continuation
The reasons why it is looking like it's gonna fall :
1) In a downtrend on Weekly
2) bearish engulfing on Weekly
3) Fifth touch of the 0.70 - 0.71 area
4) 3rd touch of Trendline
5) In the 0.50 - 0.61% Fib retracement
Let's see what it does, but, looks bloody!!
I will be looking for short entries on the H8 - H12 - D1 , will keep you posted!
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And another one!!!
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working on TP2 now
6) It just broke the daily Trendline (red trendline)