As we can all see, price has created a strong bullish momentum this week after a pretty bearish first month of 2021. During this time, price has formed a very clear bullish trend line. Currently, it seems that this bullish momentum is starting to weaken due to the fact that we had multiple rejections of the 0.77570 resistance area and the break of the trend line. Moreover, price has also left us with a beautiful double top which makes our probabilities of a move to the downside even better. I could not publish this idea without mentioning the MA (moving average) crossover which in this case it has already happened in the 15m chart. In conclusion, all these signals that price has given to us lead to a very good shorting opportunity with our targets for this trade being: TP.1= 0.76880, TP.2= 0.76500 and TP.3= 0.75900.
This was my analysis for AUD/USD and I hope you like it, see you on the next one!
This was my analysis for AUD/USD and I hope you like it, see you on the next one!