AUDUSD: FOLLOW this clear DESCENDING CHANNEL!
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🟢Forex Pair:
AUD/USD
⚪Technical Analysis:
Since the 6th of January 2021, the price has been following an interesting descenging channel, after it reached a strong weekly resistance zone at about 0.78100.
The price got few rejections on that level, creating every time a lower high and it's now approaching to re-testing the same resistance zone.
🔴Conclusion:
A strong bearish pin bar just around the support level at about 0.76650 , pushed the price up and it is eventually going to re-test the main resistance zone.
I'm confident to follow this nice descending channel and I'll be waiting a clear rejection on its dynamic resistance line before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
AUD/USD
⚪Technical Analysis:
Since the 6th of January 2021, the price has been following an interesting descenging channel, after it reached a strong weekly resistance zone at about 0.78100.
The price got few rejections on that level, creating every time a lower high and it's now approaching to re-testing the same resistance zone.
🔴Conclusion:
A strong bearish pin bar just around the support level at about 0.76650 , pushed the price up and it is eventually going to re-test the main resistance zone.
I'm confident to follow this nice descending channel and I'll be waiting a clear rejection on its dynamic resistance line before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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