AUDUSD Local S/R| Broadening Wedge| Price Action| Trend
Evening Traders,
Today’s analysis – AUDUSD – trading within two Local S/R levels where a rejection at resistance is probable,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
(.50 Fibonacci/ VWAP Resistance)
- Volume Climax
- Trend
AUDUSD’s immediate price action is corrective, a pull back into the Local Resistance that has technical confluence with the .50 Fibonacci and VWAP S/R allows for a bearish bias.
The Volume climax is suggestive of a temporary bottom, thus indicating a potential short squeeze, breaking the current local support will increase the probability of a down trend.
Overall, in my opinion, AUDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“It is always the best discretion to let the market show us where it is going and just simply follow (this would be prudent), rather than predict where the market is going and place a position (this would be gambling).” -Anne-Marie Baiynd’
Today’s analysis – AUDUSD – trading within two Local S/R levels where a rejection at resistance is probable,
Points to consider,
- Price Action Corrective
- Local S/R Resistance
(.50 Fibonacci/ VWAP Resistance)
- Volume Climax
- Trend
AUDUSD’s immediate price action is corrective, a pull back into the Local Resistance that has technical confluence with the .50 Fibonacci and VWAP S/R allows for a bearish bias.
The Volume climax is suggestive of a temporary bottom, thus indicating a potential short squeeze, breaking the current local support will increase the probability of a down trend.
Overall, in my opinion, AUDUSD is a valid short with defined risk; price action is to be used upon discretion/ management.
Hope this analysis helps,
Thank you for following my work
And remember,
“It is always the best discretion to let the market show us where it is going and just simply follow (this would be prudent), rather than predict where the market is going and place a position (this would be gambling).” -Anne-Marie Baiynd’