AUDUSD Price Testing Major Resistance Again
Trade Idea: Bearish Reversal
Price has attempted to move above the resistance level (indicated as the red line) for almost a month now. Now that price is back at final resistance level, look for a potential reversal to the downside.
Trade Step-up: Short
Scenario One: Price rejects a move higher, bears take over. Target price is .7050 & .6950.
Scenario Two: Price breaks current resistance level to test the final resistance level before a true reversal occurs. Target price is the same
Price has attempted to move above the resistance level (indicated as the red line) for almost a month now. Now that price is back at final resistance level, look for a potential reversal to the downside.
Trade Step-up: Short
Scenario One: Price rejects a move higher, bears take over. Target price is .7050 & .6950.
Scenario Two: Price breaks current resistance level to test the final resistance level before a true reversal occurs. Target price is the same