Possible if respected Bullish Butterfly pattern.

11 de fev. de 2021

AUDUSD has had a successful bull rally and a new higher high is ocular on the Weekly timeframe. Meanwhile on the daily timeframe, AB is the the .786 retracement of move XA while BC is rallying towards the .886 possible retracement of move AB which also comes about as the supply zone.The resistance level evident with the multiple testing of the zone by the price before actual reversal as formation of a double top is underway with the neckline at level 0.75951 up to the newly found support previously broken resistance as the higher low on the weekly timeframe, 0.6900 price.Before it continue moving towards forming a new higher high We wait for price action and take long term sell positions.