AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.7037, 0.7163, 0.7231

Key Support Levels: 0.6935, 0.6850, 0.6804

Daily Chart:

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

1-Hour Chart:

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.

Signal Idea:

Sell Stop Order @ 0.6998

TP 1 @ 0.6940

TP 2 @ 0.6824

Stop Loss @ 0.7056

Trade Safely 🙂