AUDUSD Analysis Week of July 17, 2016
Looking at the weekly chart AUDUSD made a nice wick right at a major resistance level signaling the bulls are no longer in control and the continuation of the bear trend.
Looking at the daily timeframe there was a nice double top formed at resistance 0.76500
Since we are looking to short this week lets see how we can get in on the 4H chart.
There is a nice bear harmonic formation on the 4H chart for another confluence to confirm the downtrend. Assuming there will be a slight gap to the upside when markets open, the continuation down is imminent since resistance is right at its brink.
Next major area price can reach is 0.73500
Happy Trading!!
Looking at the daily timeframe there was a nice double top formed at resistance 0.76500
Since we are looking to short this week lets see how we can get in on the 4H chart.
There is a nice bear harmonic formation on the 4H chart for another confluence to confirm the downtrend. Assuming there will be a slight gap to the upside when markets open, the continuation down is imminent since resistance is right at its brink.
Next major area price can reach is 0.73500
Happy Trading!!