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AUDUSD – Possible Breakdown
After posting an impressive 600+pip gain for the year, the pair has posted its first 4 out of 5 day bear close along with its first touch of the daily 20ema in over a month. What should be noticed is how price rejected off the daily 20ema almost to the pip, then closed up 60+pips off the lows. This makes the rejection off the 20ema larger in price action then the selling in the body as can be seen in the chart below.
Looking at the 4hr chart below, one can see a very long pinbar which created a false break of the prior swing lows and gravity point we discussed yesterday. Many of our price …... Keep reading