Hi Traders!
There is a potential double top pattern on the AUDUSD 1D chart as the 0.68999 resistance is still holding. There has been huge amounts of bullish momentum over the past few days, and there might be a possibility that bulls are now profit-taking and exiting their long positions, which will lead to a slowdown of momentum and a possible retracement of the bullish wave. The RSI indicator is also supporting this, as there is also a potential double top forming on the indicator.
We have a first target at 0.68182 and a second target at 0.67199, which is just above the range zone before the bullish breakout.
Please note that this is a risky setup; stops should be very tight as the bull momentum may continue if the double top fails and 0.68999 is broken.
Please do not forget to like, comment, and follow, as your support greatly helps us.
Thank you for your support.
BluetonaFX
There is a potential double top pattern on the AUDUSD 1D chart as the 0.68999 resistance is still holding. There has been huge amounts of bullish momentum over the past few days, and there might be a possibility that bulls are now profit-taking and exiting their long positions, which will lead to a slowdown of momentum and a possible retracement of the bullish wave. The RSI indicator is also supporting this, as there is also a potential double top forming on the indicator.
We have a first target at 0.68182 and a second target at 0.67199, which is just above the range zone before the bullish breakout.
Please note that this is a risky setup; stops should be very tight as the bull momentum may continue if the double top fails and 0.68999 is broken.
Please do not forget to like, comment, and follow, as your support greatly helps us.
Thank you for your support.
BluetonaFX
Note
First target at 0.68182 complete.
Now waiting to see if market will continue down to second target at 0.67299.
Note
Second target at 0.62799 complete.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
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.
JOIN OUR FREE TELEGRAM CHANNEL
t.me/bluetonaFX
t.me/bluetonaFX
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.