EUR/AUD - market near strong resistance - sell the fakeout
Market price reached second trend line which is last major resistance before possible breakout and showing strong bullish trend structure on higher time frames.
I expect an fakeout to liquidate some shorts and then a fast trend reversal pullback to at the least drawn take profit which is near short term trend support.
RSI on daily chart is already near heavy over sold. Expect a market correction in near future.
Open short if next 2 daily candles doesn't close above resistance trend line. Open long if daily next daily candle close above resistance trend line because this would implement further up movement to at least 1.65 area.
I expect an fakeout to liquidate some shorts and then a fast trend reversal pullback to at the least drawn take profit which is near short term trend support.
RSI on daily chart is already near heavy over sold. Expect a market correction in near future.
Open short if next 2 daily candles doesn't close above resistance trend line. Open long if daily next daily candle close above resistance trend line because this would implement further up movement to at least 1.65 area.
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
