We’ve been waiting the AUDUSD heavily this week, anticipating a bearish mean reversion move from these over extended prices form the mean value. The market has run into a weekly resistance level and stalled there during this weeks trading. We generally focus on the daily chart, but if you look at the 4 hour time frame you can easily spot a double top pattern at the weekly resistance, which also lines up with the big round number of 93.00. Looking over at the daily chart, two bearish rejection candles are present, both with lower closes than their open price. The previous rejection candle didn’t work out as a price action trade, because the high’s were broken and that’s generally where our stops are located. But a second chance opportunity has formed when the next, larger bearish rejection candle was printed last session as a result of the market re-testing and reject the key weekly level. If the market sells off in the next few sessions, watch out for the significant level marked below to act as a swing level within the overall trend. Ill be watching for a bullish price action reversal signal to form off said support. Dale Woods Dale Woods The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader. View All Post By Dale Woods Forex News Today: Daily Trading News share Read Next GBPUSD continues to hold 50-day SMA Aayush Jindal 8 years We've been waiting the AUDUSD heavily this week, anticipating a bearish mean reversion move from these over extended prices form the mean value. The market has run into a weekly resistance level and stalled there during this weeks trading. We generally focus on the daily chart, but if you look at the 4 hour time frame you can easily spot a double top pattern at the weekly resistance, which also lines up with the big round number of 93.00. Looking over at the daily chart, two bearish rejection candles are present, both with lower closes than their open price. The… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.