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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.74111, 0.74785, 0.74800.

Key Support Levels: 0.73187, 0.72420, 0.71421.

Daily Chart:

The price on the higher time frame failed to break the 0.74785 USD mark and reversed lower where a series of bearish candlesticks has been posted. Further movement to the downside could be seen toward the next key level around the 0.73187 USD mark.

AUD/USD Medium-Term Trend: Bearish

4-Hour Chart:

On the lower time frame, the price posted a double top formation which led to a reversal and a breakout of the bullish channel to the downside. A higher correction could be seen to the highlighted zone before a new bearish impulsive wave toward the target profit.

Signal Idea:

Sell Limit Order @ 0.73744

TP 1 @ 0.73196

TP 2 @ 0.72420

Stop Loss @ 0.73952

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.

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