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AUD/USD Potential Downward Movement

AUD/USD Long-Term Trend: Bearish

Key Resistance Levels: 0.7639, 0.7716, 0.7821

Key Support Levels: 0.7517, 0.7412, 0.7240

Daily Chart:

The price was trading inside a bullish channel before managing to break it to the downside with a big bearish candlestick. The price currently is testing the 0.7639 USD level (resistance) before it move to the downside again.

AUD/USD Medium-Term Trend: Bearish

4-hour Chart:

On the 4-hr time frame, the price succeeded to break the bearish flag formation to the downside where it posted a double top pattern around the 0.7639 USD level. A higher correction might be seen to the neckline (0.7623) before the move to the downside toward the 0.7521 USD mark.

Signal Idea:

Sell Limit Order @ 0.7623

TP 1 @ 0.7521

TP 2 @ 0.7515

Stop Loss @ 0.7666

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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