Price has rejected from weekly resistance level in Weekly, Daily and 4H time frame.
From COT report, the net position of AUD is increasing from Feb 2020 but during this period, hedge fund keep closing both long & short positions and eventually started to open some shorts in the latest data. In this situation, we foresee that the price will be pushed to the downside since COT report has shown some short positions opened and the price has rejected from the weekly resistance. However, we can see from the price chart that there is a potential Head & Shoulders formed in Daily time frame.
In conclusion, I will wait for a sell signal occurred in the area and will enter accordingly. Also, will enter second entry when the shoulder formed.
Please drop a comment at the comment session below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.
From COT report, the net position of AUD is increasing from Feb 2020 but during this period, hedge fund keep closing both long & short positions and eventually started to open some shorts in the latest data. In this situation, we foresee that the price will be pushed to the downside since COT report has shown some short positions opened and the price has rejected from the weekly resistance. However, we can see from the price chart that there is a potential Head & Shoulders formed in Daily time frame.
In conclusion, I will wait for a sell signal occurred in the area and will enter accordingly. Also, will enter second entry when the shoulder formed.
Please drop a comment at the comment session below! We can share our analysis to each other.
Kindly take note that my analysis is based on COT perspectives and technical analysis .
Also, we always reacting to the market instead of predicting the market.