There is a false break of the multiple-bar inside bar candlestick pattern on AUD/USD. This false break trapped those buyers who bought at the breakout of this inside bar candlestick pattern which could potentially lead the price lower in today's London session. Note that this false break of the inside bar candlestick pattern also formed at the 200 period golden moving average which increases the odds for sellers. The Stochastic indicator and Commodity Channel Index (CCI) are also showing the price is currently in overbought territory which adds fuel to the bears. The long term trend is still down, as price remains below the 200 period moving average. With all that being said, we could potentially have selling opportunities in today's London session.
There is a false break of the multiple-bar inside bar candlestick pattern on AUD/USD. This false break trapped those buyers who bought at the breakout of this inside bar candlestick pattern which could potentially lead the price lower in today's London session. Note that this false break of the inside bar candlestick pattern also formed at the 200 period golden moving average which increases the odds for sellers. The Stochastic indicator and Commodity Channel Index (CCI) are also showing the price is currently in overbought territory which adds fuel to the bears. The long term trend is still down, as price remains below the 200 period moving average. With all that being said, we could potentially have selling opportunities in today's London session.