Here is a pair that I am watching closely...
I have outlined three different routes that price could take from here. The main factors that will be deciding the next move from here, are as follows;
LONG
- At the top of a key ranging area, with a lot of BULLISH pressure to move upwards.
- Recent HANGING MAN candlestick could indicate move higher.
- Although a key area, price has made numerous attempts to break past this area in the past.
SHORT
- Multiple BEARISH candlesticks on lower time frames
- Possible head and shoulders pattern forming, indicating a move to the downside.
- Price has tried to break this resistance level twice in the last 8 days and failed each time.
- With high impact news for AUD overnight, this could affect where the price goes from here.
I will be waiting for a break out in either direction and some candle stick confirmation, before i decide to enter this trade.
Let's see where it takes us!
I have outlined three different routes that price could take from here. The main factors that will be deciding the next move from here, are as follows;
LONG
- At the top of a key ranging area, with a lot of BULLISH pressure to move upwards.
- Recent HANGING MAN candlestick could indicate move higher.
- Although a key area, price has made numerous attempts to break past this area in the past.
SHORT
- Multiple BEARISH candlesticks on lower time frames
- Possible head and shoulders pattern forming, indicating a move to the downside.
- Price has tried to break this resistance level twice in the last 8 days and failed each time.
- With high impact news for AUD overnight, this could affect where the price goes from here.
I will be waiting for a break out in either direction and some candle stick confirmation, before i decide to enter this trade.
Let's see where it takes us!
I will wait for a retest of this key area before entering. My bias right now is LONG, but anything could happen!