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AUDUSD – Double Bottom Price Action | Sep 16
AUDUSD – Double Bottom Price Action Creates Two-Way Market
After a small bounce in yesterday’s Asian session forming a double top intra-day. In the same token, it sold off to the prior swing bottom forming a double bottom in the process (1hr chart below).
From here, the Aussie did finally find some buying strength, and took out the 9050 double top resistance with ease, making a new swing high and thus injecting some two-way direction into this market.
For now, short term the impulsive price action momentum is slightly with the bulls after taking out 9050, but it still needs to clear 9112 near term to bring in more to the party.
For now, watch these two levels for a break to determine the next direction. Until then, consider two ranges here, the small one between 9050 and 9112, and the larger one between 8980 and 9112.
1) WTI Crude Oil Pushed Higher from the daily pin bar we mentioned yesterday in the daily market commentary. 92.75 is now support short term on pullbacks.
2) USDJPY holds the first pullback level at 106.80, closing back within the consolidation we talked about prior.
Read the results of our Trading Quiz on Price Action Trading Part 2 With the Winners Announced.
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