AUDUSD at 0.7730 as I write looks very interesting now. We have had a Bearish Bat at 0.7700 become recognised and price fell 120 pips - not as far as expected before a bullish bounce back. Now we have price action resting upon a very strong resistance level, also a supply level.
H4 and H1 charts both show strongly overbought along with Daily chart showing overbought on RSI and approaching O/B on Slow Stochastics.
I think this can be very good to watch for a Short trade from here. There could be room for a big move making it worthwhile whilst the risk could be modest at this level.
John :-)
H4 and H1 charts both show strongly overbought along with Daily chart showing overbought on RSI and approaching O/B on Slow Stochastics.
I think this can be very good to watch for a Short trade from here. There could be room for a big move making it worthwhile whilst the risk could be modest at this level.
John :-)
The bottom line here is don't rush into a short trade, let time pass and see what develops. Don't simply jump in to trade, let price action be the leader perhaps brought about by a change in fundamentals.