AUD vs USD Daily Pin Bar At Resistance
The AUD vs USD has currently formed a rejection candle at the resistance level of .80666 (not my favorite number) but anyway! This is the second hit at this level as resistance and third overall. Usually when price is going to violate a level we see a big strong candle much like the bullish candle that violated the level but the momentum did not follow through as the bears pushed this level back down to the S&R level. I like to stay with the rules of buy low and sell high therefore I am shorting this pair at resistance as this appears to be a fade catching the breakout long trades. If price can violate the previous high of the Pin Bar then all bets are off. With Ichimoku on the chart it shows price is about 300 pips from the daily Kijun which is dis-equilibrium for this pair and the market may either correct itself what I am expecting or range for a while until the market falls back into equilibrium. Have a great trading day and God bless!
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