Potential down and under pattern (Quasimodo).

Australian Dollar/U.S. Dollar FX:AUDUSD


Price went up and found resistance at 0.68812, prompting it to fall, until it found support at 0.68087, at which Bulls drove it even higher, breaking the resistance at 0.68812, and formed a Higher High, at 0.69278 resistance level . After this, price tumbled down, breaking the previous support level at 0.68087, and formed a LL, thus hinting a bearish reversal. However, before we enter the sell, we must wait for price to touch the 0.68812 resistance level one more time. This will be our sell entry. Please put your stop loss just above the 0.69278 resistance level (HH). The zone between 0.68812, to 0.69278 is called the QML Zone. very dangerous. A lot of stop losses are taken out in this zone.

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