AUDUSD is breaking out of ascending wedge, which might indicate a correction move downside and a risk-on scenario.
Aussie is currently trading around 17% higher since march lows and pretty much correlated with bullish sentiment in equity market.
The first support level can be found around 0.6250-06270 price, which is between 0.23-0.382 Fibonacci retracement level.
After breaking that zone, the price can continue going lower to around 0.6040 level.
Fundamentally, I still think that we are going to see lower level in equities (or at least a correction move lower), thus lower price in AUDUSD as well.
Joining bears from around 0.64700 price with S/L above 0.66000 and T/P around 0.60400 provides decent R/R.
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Aussie is currently trading around 17% higher since march lows and pretty much correlated with bullish sentiment in equity market.
The first support level can be found around 0.6250-06270 price, which is between 0.23-0.382 Fibonacci retracement level.
After breaking that zone, the price can continue going lower to around 0.6040 level.
Fundamentally, I still think that we are going to see lower level in equities (or at least a correction move lower), thus lower price in AUDUSD as well.
Joining bears from around 0.64700 price with S/L above 0.66000 and T/P around 0.60400 provides decent R/R.
//
Feel free to share your opinion/position via comment and follow me to stay updated + support my work by hitting like.)
Trade closed: stop reached
The S/L was reached if you put it.
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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.