AUDUSD Analysis Bearish Opportunity
-Price found support at the monthly demand zone and formed a double bottom.
-Price then made a series of Highs and Lows as it began it's bullish push
-Price then met resistance and closed Friday candle as a doji, hinting at bullish exhaustion.
-The large bearish candle of today closing further confirm that price is ready to make a move to the downside.
-Price also formed a double top pattern, which is a bearish reversal candlestick pattern.
-I am expecting price to make a retracement to the 50.0 Fib level, which also will test the previous high.
-A test of this previous high is also a test of the neckline of the previous double bottom.
-A retest and respect of the previous high 50.0-61.8 fib level will serve as a higher low.
-Price then made a series of Highs and Lows as it began it's bullish push
-Price then met resistance and closed Friday candle as a doji, hinting at bullish exhaustion.
-The large bearish candle of today closing further confirm that price is ready to make a move to the downside.
-Price also formed a double top pattern, which is a bearish reversal candlestick pattern.
-I am expecting price to make a retracement to the 50.0 Fib level, which also will test the previous high.
-A test of this previous high is also a test of the neckline of the previous double bottom.
-A retest and respect of the previous high 50.0-61.8 fib level will serve as a higher low.