Greetings Forexia Family, Lets break down the analysis on AUDUSD. As it can be seen below here that the price has been trending over some period of time. However, we can see that in the obvious trend we have resistance becoming support and wick above the zone which indicates for me personally is that, the wick we are seeing in the analysis below was once a bullish candle which executed the buy stops and stop losses of earlier sellers who got it right at the first time. And we can see broke below the trendline where we have break out traders who are selling with tight stop losses, and i can clearly see that the price respected the support after breaking the trendline. I believe the price will do one more push up to get buyers into the market. Learn more about market psychology here…
I am expecting the scenario below. If i see clear daily structure and rejection on the DMA i will short the pair. If today it does not show clearly. I might monitor it tomorrow.
Target achieved (140pips)
PLEASE USE PROPER MONEY MANAGEMENT.
USE THIS ANALYSIS AS GUIDE TOOL FOR YOUR TRADING RULES.