AUDUSD - EASY Resistance Pullback Setup - Trend-Change possible?
Hi Traders!
The market is in a Ranging Condition.
The Levels the market is moving in between are
the Resistance at 0.64700 and the Support at 0.63700.
If you use Multiple Timeframe Analysis, you can see this:
The market is moving is moving upwards, but the market just broke the Trendline.
Now the market is moving under the Trendline.
It did not made a new higher high, so a Trendchange is possible.
Furthermore the market is now at a Resistance; the market even made a doji.
Some other red candles are appering too, sign for bearish price action.
In addition the Stochastic is overbought too.
If you zoom in you can even see a crossover.
We recommend to trade carefully, because the Uptrend is still valid and we're selling!
Thanks and successful Trading :)!
The market is in a Ranging Condition.
The Levels the market is moving in between are
the Resistance at 0.64700 and the Support at 0.63700.
If you use Multiple Timeframe Analysis, you can see this:
The market is moving is moving upwards, but the market just broke the Trendline.
Now the market is moving under the Trendline.
It did not made a new higher high, so a Trendchange is possible.
Furthermore the market is now at a Resistance; the market even made a doji.
Some other red candles are appering too, sign for bearish price action.
In addition the Stochastic is overbought too.
If you zoom in you can even see a crossover.
We recommend to trade carefully, because the Uptrend is still valid and we're selling!
Thanks and successful Trading :)!
Here is it: