After a break of the extended falling trendline, AUDUSD proceeded to rally up about 140 pips where 0.73497 resistance limited any further upside. Breakout buyers failed to notice the Double Top formed on H4 validating the resistance zone and preparing for another rally to the downside. The bears might experience some bullish pressure at 0.71670 in the coming trading days which servers as a previously tested HL support on the Daily Timeframe. 0.71670 shall serve as my POI for further action to be taken on the pair. For now the bears are very much in control of the market and as the adage goes, the trend is your friend.
I will make regular updates where need be in the upcoming trading days.
I will make regular updates where need be in the upcoming trading days.
0.72373 held beautifully and price declined 50pips from entry point to POI that served as my target area. Positions closed and keeping an eye out to see how price reacts at this level.