We have had our eyes on AUD/USD like a hawk over the past few weeks, waiting for the perfect short opportunity as it approached a weekly descending trend line and monthly key support. However AUD/USD turned bearish sooner then we thought helped by the bank of Australia cutting interest rates. The pair went on the break and close below this ascending trend line on the daily, Our next downside target for this pair is 0.69915 which aligns with monthly support zone (blue area) This short set-up is for those who missed the break and still want to enter.
WARNING: strong AUD news is scheduled tomorrow! (5th may) which will make the AUD/USD pair very volatile to trade, this setup does not take into account the fundamentals and purely price action analysis.
WARNING: strong AUD news is scheduled tomorrow! (5th may) which will make the AUD/USD pair very volatile to trade, this setup does not take into account the fundamentals and purely price action analysis.