(short in progress) week19 AUDUSD resistance shown after rate cut

After a massive plunge from AUD rate cut on 3rd May 2016, the topping pattern became clearer.

The first D1 chart shows a resistance confluence trendline.

week19 AUDUSD D1 resistance from trendline confluence 040516

Zooming in, this resistance confluence shows a price pattern in which 5 weeks of high was flushed. Price is currently now perched at the support level of 0.7500 a psychological level as well. It can also be seen as a neckline as previous 2 attempts to break were not successful.

week19 AUDUSD D1 magnified 040516

Clue to short this will be from a bearish #trappedtrader signal, so that legitimizes the reason to why shorting will be done despite being at the current neckline suport. Should there be more retracement then more shorts will be added in.


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