A bearish channel is being established on the 4H AUDUSD Chart.
Given how price is near its all-time high as of 2020, it indicates that price may be overbought and is likely to head towards the downside.
The bearish channel confirms this prediction and thus price is likely to breakout of the channel and head towards the downside before attempting to retest the channel's resistance once again.
I'd keep a look out on this pair and trade carefully on a smaller timeframe.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.
Given how price is near its all-time high as of 2020, it indicates that price may be overbought and is likely to head towards the downside.
The bearish channel confirms this prediction and thus price is likely to breakout of the channel and head towards the downside before attempting to retest the channel's resistance once again.
I'd keep a look out on this pair and trade carefully on a smaller timeframe.
Thank you for reading and happy trading!
Disclaimer:
I am not a professional trader, financial/investment advisor, broker and/or dealer. The idea above is strictly based on my opinion and should only be used for entertainment/educational purposes only. Do conduct your own due diligence and do not act solely based on any information conveyed in this Trade Idea.