AUDUSD Price Action – False Break + Pin Bar | Jan 28th

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AUDUSD – False Break + Pin Bar At Key Resistance (1hr chart)
After jumping in the Tokyo session yesterday from a surprise number out of Australia, the bids couldn’t really muster any follow through as the offers absorbed the buying pressure just above 8000.

Here the pair formed a false break + pin bar at the key resistance level, with two follow up attempts meeting strong selling pressure. This is basically the bears selling on a pullback to make a new downleg in the trend.

I’m actually short, and will share my trade tomorrow or Friday, but am expecting 7850 to likely produce a weak bounce before breaking the yearly lows Downside targets are 7725, 7650 and 7500. Only a daily close now above 8000 negates the bear trend MT.

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