Dear traders,

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.

Happy trading,

Colibri Trader