An exciting start to this week’s trading on the AUDUSD daily chart.
Some initial follow through from last week’s bullish momentum caused an early asian session breakout to the high side. War Room traders know these type of early breakouts can be trouble – and indeed it was.
The initial thrust up trapped unsuspecting breakout traders into nasty long positions as the breakout collapsed back in on itself. Now the busier London session is open – we’re seeing the fakeout cave in deeper to lower prices.
This is much more upbeat than your typical Monday price action. Watching to see how the daily candle closes here – hoping for a bearish rejection candle to be waiting here at the end of day close to consider short positions.