AUD/USD Long-Term Trend: Bearish
Key Resistance Levels: 0.7278, 0.7324, 0.7423
Key Support Levels: 0.7180, 0.7126, 0.7077
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
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.
Sell Stop Order @ 0.72247
TP 1 @ 0.7181
TP 2 @ 0.7145
Stop Loss @ 0.7247
Trade Safely 🙂