Here we have a fascinating pair AUDUSD
... Over the past few weeks we have seen the price being pushed higher and higher due to Dollar being extremely weak. However due to astonishing news on the USD inflation
rate and good news regarding the economy - seeing a bounce back + high demand in the currency, it means that AUDUSD
is soon about to take a down turn to around 0.707 area. There is a nice triangle forming which suggests that the bulls are slowly running out of steam.
I am shorting this pair right now with a stop loss at 0.734 area. Invalidation of that and price pushing higher then I will go long as it will show that the bulls are still in control.
Keep an eye out, but from 30 min and 1 hour candle it clearly shows that bulls momentum is slowly decreasing.