With the weekly chart bouncing off the 50% Fibonacci level AND creating a strong bearish engulfing bar, further confirmation comes with an absolutely beautiful H&S pattern right here!
However, I expect it to retrace all the way to the previous trendline that it recently broke off.
Comment and let me know your thoughts on this! May the pips be with you!
PRICE STILL HOLDING THE DOWNTREND LINE 4H - AND PUT A BEARISH ENGULFING CANDLE WITH CONFIRMATION WITH THE NEXT CANDLE FOR TREND CONTINUATION ( BEARISH )
WHILE PRICE IS PLACED UNDER THE RSI 50% IT PUTS A NICE BEARISH ENGULFING CANDLE WITH A CONFIRMATION WITH THE NEXT CANDLE FOR BEARISH TREND CONTINUATION
The market is back up against a major level of structure on the 4hr chart and has put a bearish engulfing candlestick while the price is still under RSI 50%
Thursday's Bearish Engulfing at major resistance zone suggests a top is in place on AUDUSD. We are dubious of Friday's rally and see it as a selling opportunity. Bears will be looking to take out the 7607 - 7590 4h support zone, with a break below there targeting major support confluence above 7450. Only a daily close above 77 would invalidate.
A strong break of the 25 SMA and phase line with a bearish engulfing candle like this is a big part of the set ups i use in my system. It tends to be a good signal of a retracement coming. Not necessarily a full on trend change, but enough room for a quick few pips.
In next few days we expecting decline of pair at least with 300 pips. Analysis is based on 65% technical and 35% fundmental. In next hours probably will see bearish engulfing to 105.70 area.
