AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.7278, 0.7324, 0.7423

Key Support Levels: 0.7180, 0.7126, 0.7077

Daily Time-frame:

The price on the higher time frame has been in a bearish move for a few months and recently we saw it moving in ascending channel. The chart shows us a repetition of a similar pattern and price didn’t break previous high. Makes it a short candidate.

AUD/USD Medium-Term Trend: Bearish

1-Hour Time-frame:

On the lower time frame, the pair has maintained a resistance under 0.7250. After a runup to the resistance area, the price is rejected and has broken the descending channel. We are bearish on this pair as long as its under this zone.   

Signal Idea:

Sell Stop Order @ 0.72247

TP 1 @ 0.7181

TP 2 @ 0.7145

Stop Loss @ 0.7247

Trade Safely 🙂