Daily Forex Trading Commentary - Wednesday 19th March 2014

AUD/USD - Bearish Price Action False Break Of Key Resistance

This pair produced a bearish price action false-break of key resistance today. From here we would not be surprised to see this market move lower and perhaps retest support down at 0.8900.

This price action trading commentary is published by Lewis Barber and represents his current view of the forex market.

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Comment by talisman on March 20, 2014 at 2:07am

you could well be right but that's a bit of a counter trend position, especially considering your favorite ma s are showing an uptrend.  is the five time rejection of 91 your driver for what would ordinarily be an up trend call for you ?

Comment by Lewis Barber on March 20, 2014 at 10:22pm

Hey, yeah that and the fact that yesterday's bar was extremely bearish, closing well below the low of the bar before it. Also, though the trend has been up, it's not really a strong trend, the EMAs aren't showing much direction to be honest.

Maybe it will keep going up, but we'll see.

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