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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.7339, 0.7414, 0.7480

Key Support Levels: 0.7238, 0.7151, 0.7099

Daily Chart:

The price on the higher time frame is traded inside a bearish channel showing that we are in a clear downtrend. The market succeeded to break a daily support level around the 0.7339 USD which became a resistance. further movement to the downside is expected in the coming hours.

AUD/USD Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the price posted a correction count around the 22.68 USDT level where it found buyers around the 61.80 % Fibonacci retracement level. This led to a move to the upside in the direction of the main trend. A lower correction could be seen to the highlighted zone before a new impulsive wave toward the target profit.

Signal Idea:

Sell Limit Order @ 0.73369

TP 1 @ 0.72407

TP 2 @ 0.71510

Stop Loss @ 0.73659

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

3 comments

  1. Whwre does it say ‘buy’, Amaro?

  2. Its a sell trade but it says buy. People without trading knowledge maybe confused… take care.

    • This pair hasn’t reached given TP 0.72407 untill yesterday and now its following Bullish trend .
      pls guide if its gonna go bearish again or should I close at this point I’m already @ -150$ loss.

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