Monitoring to see if this forms a double top indicating possible reversal or if the previous high will be broken to continue higher. DXY will affect this so need to look out for the strength of the dollar in the coming days.
Would like to see a retracement to areas of 74.00-73500 on the high RSI, before the continuation higher.
*Strong inverted hammer candle after taking out liquidity on daily tf
*Oversold on the RSI at 74.20
*Capital imbalance between wick points 75.195 and 74.848 (short term sell opportunity!)
*General weakness in the US Dollar; investors generally taking on...
- Dump down to lower supply zone
- Expected rejection at supply zone and pump upwards (multiple previous touches)
- Order set at top of supply zone
- Stop loss set just below supply zone for breathing room
- Target set to demand zone (previous consolidation before the last dump)
- Would also be looking to take out a lot of retailers stop losses at 0.70759
Price did a 10 PIP stop run and reversed again, I'm expecting during the london session a reversal down the the 15 OB block and targeting the buy side liquidity, I'm taking a conservative approach the the first BSL, 1:9 RR using 2% thats 18% return.
The daily Order block has been touched and rejected, we could be looking for liquidity runs if institutions hold long positions. Looking to take profit around my Braker Block which is a premium market for institutions to sell their longs and either go net long or short.
Overall the conditions of the market haven't shown enough evidence that that's gonna play out....
This pair is a definitely a Long trade. Looking at the previous time frames with 1 Day and the market is trending up, On June 9th 2020 the market has touched the 0.70374 after a 31st December 2019 and has crossed the resistance level for a 1 Day chart.
As it is trending high the market would touch the next resistance point at 0.73726 before the trend reverse....
AUDUSD has been bullish. The market has been bearish as of recently in the smaller time frame trends, the new objective is to aim for the new higher highs. I've listed potential areas in the chart known as supply zones to be areas of potential reversals or retracements. Regardless I've already engaged in this trade and expecting a new daily high to be made else at...