On a larger degree front , AUDUSD made a 3 down & 3 up wave formation which suggests that a FLAT pattern is in formation,as long as it maintains below the previous highs. An ending diagonal is forming on lower degree as wave-c which suggests that the 3 up formation is going to exhaust . We should see a five wave down rally if the flat corrective pattern is forming !
will go SHORT on AUDUSD because:
1) The price is forming a Chanel or Rectangle Pattern .
2) The price also broke the trend line .
3) The price is also under Support/Resistance zone.
4) It has touched the resistance.
5) Target would be the Support area . Book profit when it reaches the support zone .
ENTRY : 0.71610
FIRST TARGET : 0.71373
STOP LOSS : 0.71633
Prices have been back from 0.65600 levels twice and the triangle formed is holding a strong support line. Today, prices have fallen in the Asian sessions but recovered some upward strength.
Also, 0.64322 have Bollinger bands support and trend line support.
From here, prices may test 0.65600 and above levels again as RSI is pointing to an upward movement, and if...
We are getting a bullish movement in audusd. On the daily chart, we can see the trendline is supporting. So, it's pointing that the trend channel must be followed.
So, from this view, we can take a long position, with stop at - 0.63500 and take profit at 0.6700
A good risk-reward ratio we getting here.
BEST FOR SWING TRADE!!!!!
Thumbs up :)
The 4-hour right side is down against 12/31/2019 peak (0.7030). 1 hour is turning down against 0.6571 high. Near-term, while bounces fail below 0.6571 high and more importantly below 0.7030 high expect pair to extend lower.