Thursday, April 2, 2009

AUD/USD Hourly - possible Double top?

No doubt I got fooled playing a larger pullback after the initial Trednline Break.
Now that the Uptrend is steady - marked by a healthy 38.2% Fib retracement + Support at the 89-hour MA -- I have a new contra idea -- a possible Double Top formation.

Previous High was 0.7092 -- Daily R2 Pivot level is 0.7085 -- So this confluence Plus the parabolic move above the Red trendline would give me a good R/R ratio opportunity for a shor term Short around the first test of 0.70 90/5 level..

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