Hey Traders,
AUDUSD looking like it might top out here on the four hour chart with it forming a bit of a double top formation. As you can see by the image attached into the chart. I've added a little projection on where I can see the price going, if this does come true and we do manage to break that lower low, the supply zone will be a great area to look for shorts. That being said, it is not proving to be overly strong just yet, depending on the move we get from here.
Keep an eye on it though, because three tests of these highs could push the price higher, so we're going to have to definitely wait for some confirmations and have a bit of a bias to short the Aussie dollar and to buy into the US dollar. But overall, the double top formation is forming and we definitely could get down to that most recent demand, which I've drawn out down at the 0.74 mark.
Let me know what you think. If you have any comments or questions, please do ask. I'll get back to you as soon as possible.
AUDUSD looking like it might top out here on the four hour chart with it forming a bit of a double top formation. As you can see by the image attached into the chart. I've added a little projection on where I can see the price going, if this does come true and we do manage to break that lower low, the supply zone will be a great area to look for shorts. That being said, it is not proving to be overly strong just yet, depending on the move we get from here.
Keep an eye on it though, because three tests of these highs could push the price higher, so we're going to have to definitely wait for some confirmations and have a bit of a bias to short the Aussie dollar and to buy into the US dollar. But overall, the double top formation is forming and we definitely could get down to that most recent demand, which I've drawn out down at the 0.74 mark.
Let me know what you think. If you have any comments or questions, please do ask. I'll get back to you as soon as possible.
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