Here we have a double top formed on a 4 hour keeping inside a strong bearish rectangle. Level 0.98654 has not been broken and respected perfectly creating this formation, also strong convergence with the RSI and Stoch. If the 50% Fib level is broken at 0.98048 I will be looking at shorting this to around 0.97205 support level. It is also visible that it is being squeezed slowly into a descending triangle so I will also be watching to see if this breaks to the upside if the squeeze continues. I would say this is a short term trade to that 0.97205 level for some nice pips and then re-evaluate for a possible long. AUD unemployment rate is due so very wary of that, but at the moment looking good!
All feedback is much appreciated!
J
All feedback is much appreciated!
J