AUDUSD: Be Cautious Going Short! Multiple Resistance In The Way
Bearish RSI divergence on 4H charts. Is the price loosing momentum? is there consolidation ahead?
Well, we should NOT expect the price to HIT 0.7000 straight away if the ascending 4H trendline breaks! The reason being simple, THERE ARE MULTIPLE RESISTANCE PRESENT IN THE WAY UNTIL WE REACH 0.70000 LEVEL! Just observe the chart and you would notice these obstacles. To trade this opportunity with extreme caution, it is advisable to break and trade. Focus on each individual level breach and trade accordingly.
There is a risk that the price might reverse from any of these levels should the trader decide to take profit in one go at 0.7000. So breaking and trading on each individual level breach might be the best action a trader could execute in such conditions. Just observe the chart, no further explanations is needed here for now.
Cheer, I hope you found this insight helpful & Happy Holidays
Well, we should NOT expect the price to HIT 0.7000 straight away if the ascending 4H trendline breaks! The reason being simple, THERE ARE MULTIPLE RESISTANCE PRESENT IN THE WAY UNTIL WE REACH 0.70000 LEVEL! Just observe the chart and you would notice these obstacles. To trade this opportunity with extreme caution, it is advisable to break and trade. Focus on each individual level breach and trade accordingly.
There is a risk that the price might reverse from any of these levels should the trader decide to take profit in one go at 0.7000. So breaking and trading on each individual level breach might be the best action a trader could execute in such conditions. Just observe the chart, no further explanations is needed here for now.
Cheer, I hope you found this insight helpful & Happy Holidays
