The below is the H4 chart of the AUDUSD. Price is at an overhead resistance area around the 0.6935 level (red shaded horizontal). Price may be reacting off of it and if the current candle closes before the green horizontal, it will be regarded as a bearish development. This is because the 3rd last candle is regarded as a potential bearish reference candle. I.e. a candle with a lower high to either side of it A close below that candle's low (green horizontal) will give the bearish reference candle scenario weight. We continue to monitor.
Past performance is not an indicator of future results.
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CHART SOURCE: FXCM MARKETSCOPE 2.0
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