As discussed in our Weekly forecast, AudUsd is busy carving out a potential Bearish Cypher pattern.
So far all the rules have been met, last rule is to sell at point D (See here the rules of Engagement)
We are looking for a last push higher (bigger exhaustion top) near 0.7620.
A new high will scream bearish divergence, see the rsi is making lower highs while price making higher highs. Just to be clear, we don’t really use indicators. We sometimes like to confirm a divergence in rsi and price…
Sell AudUsd 0.7620, stop loss 0.7750 and take profit 0.7490 and second take profit 0.7330
So far all the rules have been met, last rule is to sell at point D (See here the rules of Engagement)
We are looking for a last push higher (bigger exhaustion top) near 0.7620.
A new high will scream bearish divergence, see the rsi is making lower highs while price making higher highs. Just to be clear, we don’t really use indicators. We sometimes like to confirm a divergence in rsi and price…
Sell AudUsd 0.7620, stop loss 0.7750 and take profit 0.7490 and second take profit 0.7330