False Breakout Discussion
Is anyone else leaning to the push below the lower support level being a false breakout? When I look at the USD it has been trading in a bearish channel which has caused the inverse trend in the AUDUSD, and the USD is nearing the upper resistance with a possible double top already formed.
Seems to me like the AUDUSD may push slightly lower if the USD has not double topped as it approaches the upper resistance line of the channel. Once the USD reaches upper resistance and heads back down the AUDUSD should head back up.
Does anyone see a reason why the USD would breakout of the current bearish channel causing the AUDUSD to continue its push below the current pattern?
Seems to me like the AUDUSD may push slightly lower if the USD has not double topped as it approaches the upper resistance line of the channel. Once the USD reaches upper resistance and heads back down the AUDUSD should head back up.
Does anyone see a reason why the USD would breakout of the current bearish channel causing the AUDUSD to continue its push below the current pattern?
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