AUDUSD - Broadening Formation
Updated
The Intraday Chart of AUDUSD reveals a Broadening Formation. This pattern is Bearish.
We can see price has successfully formed 3 higher peaks.
With each peak forming Divergence on 2 parameters -
1. Volume - as each peak is formed on progressively lower volume.
2. RSI - prints lower on each peak as well.
There has been a break of the support level and its retest.
Looking for the Aussie to move down next week towards the underlying supply zone at 67 flat.
We can see price has successfully formed 3 higher peaks.
With each peak forming Divergence on 2 parameters -
1. Volume - as each peak is formed on progressively lower volume.
2. RSI - prints lower on each peak as well.
There has been a break of the support level and its retest.
Looking for the Aussie to move down next week towards the underlying supply zone at 67 flat.
Trade closed: target reached
Target obtained ....
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