AUDUSD 30min Analysis January 7th, 2021
Price has formed a double top and is not at our key structure level at .7735 and the 30min 200MA.
Trade Scenario 1: Bearish - For us to look short we need to see further push to the downside below the 30min 200MA. We will the wait for a retrace and for .7730 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to look long we can aggressively play bullish engulfing off current structure zone here. If so, you will want to cover position wants it gets to the weekly level at .7764 as this is the neckline of the double top and possibly a strong spot for resistance. Conservatively we can wait for price to break past the key weekly level and the neckline of the double top pattern at .7764 and enter on bullish setups at the weekly level.
Trade Scenario 1: Bearish - For us to look short we need to see further push to the downside below the 30min 200MA. We will the wait for a retrace and for .7730 to flip as resistance. Enter on strong bearish setups.
Trade Scenario 2: Bullish - For us to look long we can aggressively play bullish engulfing off current structure zone here. If so, you will want to cover position wants it gets to the weekly level at .7764 as this is the neckline of the double top and possibly a strong spot for resistance. Conservatively we can wait for price to break past the key weekly level and the neckline of the double top pattern at .7764 and enter on bullish setups at the weekly level.
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