This pair is about to drop down to strong support which has been tested 3 times (in my opinion) and therefore we have a strong support level. We can see on the 240-minute (4 hours) timeframe that we have rejection on the trendline and our RSI is over 50 which means that we are in an overbought position. Therefore I am willing to short this pair. ...
Strong support retested again for the 4th time. We can also see that the RSI is under 50 which shows that the pair has been oversold. I am waiting for the pair to make a move to the upside and touch the trendline, and therefore I am willing to take a long trade. Disclaimer! This post does not provide financial advice. It is for educational purposes only! You...
We might be seeing a trend reversal because of a few factors. First of all, we are seeing a touch on the trend line and a rejection. We can also see an "M" pattern forming in the 240-minute timeframe (4 hours), which might lead to a bearish movement to the downside. The last factor is the bearish divergence and the overbought condition the currency pair is in....
Head and shoulder pattern + Touch on trendline Spotted the head and shoulder pattern on the daily chart. On the same time, we can spot a touch and a rejection on the trendline (the red wick). This may mean that we have to short the AUD as it indicates that there will be a downward movement. First analysis hope it is okay, open to constructive criticism!:)