Approaching Strong Resistance, Downwards Channel
Updated
Looking at the bigger picture on the daily chart, we are in a downward channel since Feb 2018.
If AUDUSD is unable to break 0.73246 Resistance, be on the lookout for bearish price action and short.
TP will be next S/R zone at 0.71688.
If it breaks the 0.73246 resistance, you may long the market with tight stop loss, never go against the trend.
Always have Risk Reward of at least 1:1.
If AUDUSD is unable to break 0.73246 Resistance, be on the lookout for bearish price action and short.
TP will be next S/R zone at 0.71688.
If it breaks the 0.73246 resistance, you may long the market with tight stop loss, never go against the trend.
Always have Risk Reward of at least 1:1.
Note
If AUDUSD manages to break up, this scenario could play out
Note
Above idea played out as planned. Now we are forming a bear flag which will probably bring us down to the next support.Note
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