Chinedumnweke

GBPAUD WEDGE FORMATION AND BREAK BELOW (Part 2)

Short
FX:GBPAUD   British Pound / Australian Dollar
Scaling in, we see that price is in the process of forming a double top and it is currently forming a doji candle stick at what appears to be the end of the up push.

Earlier this week, after my analysis, I saw that price was going to come down to the 200MA after bouncing off resistance. I anticipated a bounce from 200MA back to resistance to form a double top , before going for a proper move to the downside. I took a long trade to resistance after rejection of 200MA area which hit target. Now I am waiting for further candlestick indications that would suggest that price is going down before I place my short trade.

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