PRZ at 0.6600? | Watching for Reversal from Channel Top

3 Jul

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Pair: AUD/USD Timeframe: 4H Bias: Short-term bearish Custom Term: PRZ (Possible Reversal Zone) = 0.65696

📈 Technical Structure:
AUD/USD is trading within a well-respected ascending channel, with price currently hovering near 0.6570. The upper boundary of the channel aligns closely with the PRP zone at 0.6600, which also coincides with:

A prior supply zone (visible on higher timeframes).

Confluence of the 15 EMA (0.65692) and 60 EMA (0.65534) flattening out.

Psychological round number resistance.

Entry: 0.65700
Stop: Above 0.66064 (channel breakout invalidation)
Target 1: 0.6540
Target 2: 0.6500
Risk/Reward: ~1.8
(Warning: This is an early entry [med-high risk])

🧠 Psychology Insight:
The PRP concept helps frame trades around areas of emotional overextension—where traders may overcommit to a breakout. By identifying these zones in advance, you stay objective and avoid reactive decisions.
PRZ: Possible Reversal Zone

#AUDUSD #PRZ #Forex #TechnicalAnalysis #ChannelTrading #ReversalZone #PriceAction #MJFX #TradingPsychology #ToughButSuccessful

3 Jul

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