The AUDUSD tried to make a break for higher prices during this asian session, but this higher prices couldn’t be maintained about this resistance as the breakout turned into a fakeout, and imploded. The breakout trap occurred at a stubborn resistance level which has been holding price since december last year.
Asia fakeouts can be a great tip off to what’s to expect in the upcoming busier trading hours of London and New York. Due to the bullish breakout trap and the strong resistance level, this market is now looking geared up for lower prices.
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