AUDUSD Weekly Analysis April 3rd - 7th
On a weekly time frame, the market has been in sideways and just recently the resistance zone at 0.7720 - 0.7770 retested.
On a daily time frame, a strong resistance zone at 0.7720 upto 0.7770 as everytime the market hits that level, the market retreats towards 0.7500 zone. By observing the price action, the way the market climbs towards the 0.7720 - 0.7770 level shows small successive candles (except for the last rally) but the moment it reverses, the bearish candles formed are long. This is suggests a strong selling pressure.
SL @ 0.7702
Sell stop @ 0.7595
TP @ 0.7487
On a daily time frame, a strong resistance zone at 0.7720 upto 0.7770 as everytime the market hits that level, the market retreats towards 0.7500 zone. By observing the price action, the way the market climbs towards the 0.7720 - 0.7770 level shows small successive candles (except for the last rally) but the moment it reverses, the bearish candles formed are long. This is suggests a strong selling pressure.
SL @ 0.7702
Sell stop @ 0.7595
TP @ 0.7487
