For four weeks earlier, AUDUSD moved up to the resistance level around 0.7334
How to read the chart
1. the chart presented the weekly chart
2. the red line is 200 moving average
3. the blue line is 50 moving average
4. the yellow line is the 20 moving average
Last week, AUDUSD fail to break the resistance, the market drag it lower and perform a very nice candle stick pattern. I don't know what is name. It's a 2 candle pattern, i called it reverse twin (inside the red circle).
MARS trader, focus on where the signal is. MARS trader execute a trade only if the signal was on the right place. The signal must appeared around the price level. It can be break out or pull back trading.
Let's go back to our pair, AUDUSD. If you see again the weekly chart above, the reverse twin pattern is a pullback around the resistance level. Because the signal was appeared on a good location (pull back from the resistance), the sell signal is good.
In the opening market next Monday, MARS trader will open short position on AUDUSD. Because this is a tight trading, be sure to place your target wisely.
enjoy your trade.
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