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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.6993, 0.7125, 0.7284

Key Support Levels: 0.6805, 0.6730, 0.6652

Daily Chart:

The price on the higher time frame has recently started a downtrend after forming lower-high candles. There are a few rejection wicks seen and the price broke a support level of 0.6993 with good momentum. We expect further trend continuation.

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 broke to the downside and then consolidated between the range of 0.6949 and 0.6904 for some time. As of now the lower support has been broken and retested before picking up the momentum again.

Signal Idea:

Sell Limit Order @ 0.6880

TP 1 @ 0.6808

TP 2 @ 0.6736

Stop Loss @ 0.6952

Trade Safely 🙂

About Vipul Rathaur

A trader with more than six years of experience, Vipul is a discretionary trader and uses multi time frame analysis for his analysis and price action for his trade signals. Believes that risk management is the secret to making it in this world. He trades major Forex pairs, Indices, and Commodities.

10 comments

  1. I’ve hit stop loss. Not stressing, I’m in demo mode. maybe I did something wrong?

  2. Hi, this trade is about to hit SL.

  3. Not going to well. Wait another couple of hours?

  4. Am I being dumb here? Shouldn’t this be a sell stop order and not a sell limit?
    Maybe its something to do with tradingview as it took sell limit but i’m sure in MT4 if the trade is to continue in the same direction its a STOP order. Limit orders are for when the price hits a limit and reverses ???

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