AUDUSD potential short-term short (1-hour chart)
Daily Chart - Price had just broke through the neckline of a Head and Shoulders pattern, but turned abruptly with the release of AUD employment numbers.
1-hour Chart - If price action extends to approximately 0.6885 to touch resistance (upper blue dashed line) and the 200-period moving average (red solid line), it might retrace to the 0.618 fib level at 0.6850, which is also support (lower blue dashed line). Price might turn around there to go on to reach higher highs above 0.6885.
(This is not trading advice. It is a simple prediction that may prove to be inaccurate)
1-hour Chart - If price action extends to approximately 0.6885 to touch resistance (upper blue dashed line) and the 200-period moving average (red solid line), it might retrace to the 0.618 fib level at 0.6850, which is also support (lower blue dashed line). Price might turn around there to go on to reach higher highs above 0.6885.
(This is not trading advice. It is a simple prediction that may prove to be inaccurate)
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.