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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 🙂

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.

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