AUDJPY: Double Top and Bearish Divergence
The price bounced from the resistance zone formed by 76.800 and 76.000 resistance levels. We have a double top as a trend reversal chart pattern and a bearish divergence, which also confirms a trend reversal.
RSI confirmed the price reversal. MACD is bearish. DMI does not confirm the strength of buyers, and it allows us to open short trades.
The market should be added to a watch list as a breakout below the main uptrend line will give us selling opportunities in different timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
RSI confirmed the price reversal. MACD is bearish. DMI does not confirm the strength of buyers, and it allows us to open short trades.
The market should be added to a watch list as a breakout below the main uptrend line will give us selling opportunities in different timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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