Applying simple laws of supply & demand with support/resistance

Penjualan

Dollar Australia / Dollar AS (FX:AUDUSD)

FX:AUDUSD Dollar Australia / Dollar AS

audusd supplyanddemand supportandresistance

After AUD/USD price broke out of its 13 day range/consolidation phase resistance level, the price reached a MAJOR SUPPLY ZONE. AUD/USD price neared a resistance level that hasn't been broken for 1 year. This indicates a level of MAJOR SUPPLY and at a price level were there is VERY LITTLE DEMAND. For this reason, I shorted the AUD/USD.

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