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AUDUSD – Breakdown Occurs, Watch Key RRL (4hr chart)
Within hours of our Thursday members commentary, after suggesting the pair would likely break down and to look for shorts, the pair collapsed losing the key support at 7350.
This now becomes a critical RRL -role reversal level, so bears should be looking for sell opportunities near here. Downside after last weeks lows, we have the ‘big figure’ at 7000 and then 6300, so quite a ways down.
Only a daily close above 7400 changes the bias ST.
S&P 500 – Sell Trade Setup Profits Heavy From Resistance (4hr chart)
In our last weekly members commentary, we talked about selling around the all time highs at 2130 for a good …