Price is clearly rejected at the daily support and make a nice push to the upside from here. From the daily perspective, the price may keep pushing up to the weekly resistance and make a new downside impulse form weekly resistance.
From the COT perspective, hedge fund keeps closing the long and short position for few weeks, and they finally adding some short positions on AUD last week and this week, meaning that they started to accumulate some short positions in order to sell at a higher price.
It is best for us to monitor the price action in the 4h time-frame inside the weekly resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. If the price pullback below the daily support, it may have the potential HNS pattern for us to make a second entry.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.
From the COT perspective, hedge fund keeps closing the long and short position for few weeks, and they finally adding some short positions on AUD last week and this week, meaning that they started to accumulate some short positions in order to sell at a higher price.
It is best for us to monitor the price action in the 4h time-frame inside the weekly resistance area if there has shown any confirmation inside this area, then we can take a sell position with a good risk-reward. If the price pullback below the daily support, it may have the potential HNS pattern for us to make a second entry.
Remember, always reacting to the market instead of predicting the market, this analysis is based on technical and COT perspective.
Comment down below and let me know your thought.