AUDNZD: Potential SHORT for Bearish Continuation
Price has been slowly creeping higher since the Bearish impulse move on 1st Sep. Price has reached a confluence where it is displaying price action telling me that a Bearish move is due soon.
As we can see, price is now resisted by a downward trend line and fib 61.8 of the last Bear swing. What caught my attention is the price action of the last 3 H8 candle. Candle 1 with it long up wick shows Bulls attempting to push higher but Bears fought back to close at the mid of the candle range. As expected, next candle 2 move in to try to close the wick but barely hit near the high, a sign of a lack of Bullish momentum. Candle 3(yet to be close) shows bulls attempting to close the upper wick(candle 1) but failed again. But this time round, it registered a lower wick that almost close up the low of candle 2. I will be watching this H8 candle close follow by a trigger to go SHORT for Bearish continuation
DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.
As we can see, price is now resisted by a downward trend line and fib 61.8 of the last Bear swing. What caught my attention is the price action of the last 3 H8 candle. Candle 1 with it long up wick shows Bulls attempting to push higher but Bears fought back to close at the mid of the candle range. As expected, next candle 2 move in to try to close the wick but barely hit near the high, a sign of a lack of Bullish momentum. Candle 3(yet to be close) shows bulls attempting to close the upper wick(candle 1) but failed again. But this time round, it registered a lower wick that almost close up the low of candle 2. I will be watching this H8 candle close follow by a trigger to go SHORT for Bearish continuation
DISCLAIMER:
Any opinions, analyses discussed in this presentation are just my personal opinion and do not constitute investment advice.
I do not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
PRICE ACTION only tell half the story. The other key half is VOLUME. For VOLUME drive price.