Neutral AUDUSD
This pair could either go long or short depending on several confirmations.
What I see:
- Price has rejected from the descending trendline 3 times.
- Each trendline rejection was confirmed by either a strong support or resistance zone.
- The latest formation on the daily chart is a double bottom.
- Price is currently around the resistance zone, descending trendline and neck of the double bottom.
- Stochastic is gradually becoming overbought.
Price could either complete the double bottom formation and long towards 0.75555, or price could reject from the trendline and short towards 0.69930. I'll be waiting for a candle bar confirmation.
What I see:
- Price has rejected from the descending trendline 3 times.
- Each trendline rejection was confirmed by either a strong support or resistance zone.
- The latest formation on the daily chart is a double bottom.
- Price is currently around the resistance zone, descending trendline and neck of the double bottom.
- Stochastic is gradually becoming overbought.
Price could either complete the double bottom formation and long towards 0.75555, or price could reject from the trendline and short towards 0.69930. I'll be waiting for a candle bar confirmation.
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