Small Rejection of Major Level

FX:AUS200   S&P/ASX Index
We discussed this market yesterday and the major resistance level price had moved higher into.

The rejection of the level we were expecting has now come and price formed a solid bearish rejection candlestick .

It is rare that price will move directly into a major support or resistance level and break straight through it without some sort of rejection first.

Now we have seen that rejection we can look to see if this level will break.

If we can get a break higher we can begin hunting long breakout trades that would offer potentially higher reward trades.