AUDUSD was seen resisted again at a 2-month long resistance level 0.73.
A bat formation is formed this time and an inverted hammer has appeared right at point D of the bat formation.
As the dollar has retraced significantly after break above 97, it is very likely that the dollar may resume appreciation. Powell has stayed hawkish on rate hike too.
Therefore, with a strengthening dollar and a bearish formation, AUDUSD is very likely to create a wave or two of depreciation.
A bat formation is formed this time and an inverted hammer has appeared right at point D of the bat formation.
As the dollar has retraced significantly after break above 97, it is very likely that the dollar may resume appreciation. Powell has stayed hawkish on rate hike too.
Therefore, with a strengthening dollar and a bearish formation, AUDUSD is very likely to create a wave or two of depreciation.
Note
The price has gone through a day of consolidation. A retest of 0.73 followed by a rejection has increased the probability of a wave of depreciation, thus a good timing to short.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.