FX:EURAUD   Euro / Australian Dollar
Tempted to short the rejection of key resistance zone (around round figure level 1.5000 too) when I reviewed the daily chart as part of my morning routine. However, when I ran through my checklist:
a) Trend? Counter-trend
b) Level? Yes - key resistance zone with round figure
c) Signal? Long upper wick candle but with a higher close
Counter-trend and a higher close candle really put me off to short this right now even though it is at a very tempting zone to short.
When drilled down to H4, there is a bearish pin bar , followed by inside bar . Price has currently breaks above the inside bar . Any turnaround of price and close below the inside bar will indicate weakness and potential reversal downwards. Something worth watching today.
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