In the beginning of February I wrote about AUDUSD.
The pair went higher and then after reaching my first target it reversed.
Currently, it looks like the supply zone has been a strong repellent and the price is already lower.
I am expecting to see more selling but for now I will not be shorting AUDUSD.
Dow Jones Trading Analysis 01 March, 2021
Currently, I am looking at Dow Jones.
Looks like we might see some more selling pressure in the coming trading sessions.
I will be ready to short this instrument if the right pattern occurs.
I am looking to see a confirmation from the 4H chart.
On the daily, we have a bearish engulfing pattern that occurred on Thursday.
I will be waiting for a small retracement then then a bearish confirmation from the 4H timeframe.
A good initial target could be the 30,000 level.
And then, depending on price we might either see a major bearish reversal or a continuation of the uptrend.