AUD/USD Long-Term Trend: Bearish
Key Resistance Levels: 0.7037, 0.7163, 0.7231
Key Support Levels: 0.6935, 0.6850, 0.6804
The price on the higher time frame faced a rejection from the upside around the 0.7600 area and it reversed the direction. Recently the pair was consolidating between a range of 0.7267 and 0.7053 for some time. It has now broken the lower range and bearish momentum is seen.
AUD/USD Medium-Term Trend: Bearish
On the lower time frame, the pair is moving in the major trend’s direction. The price traded between a range of 0.7231 and 0.7163 for some time and then the lower range was broken. As of now another minor level of 0.7037 has been broken and retested before continuing the momentum.
Sell Stop Order @ 0.6998
TP 1 @ 0.6940
TP 2 @ 0.6824
Stop Loss @ 0.7056
Trade Safely 🙂