Favorable to Short Term trend:
AUDUSD has constantly for past few session rejected .76639 levels.. so assuming if downward trend continues from partial rise..
A Pennant formation - breakout confirmation from here (another long red candle below pennant) should give us a measured move to .75553.
Red dotted lines are Resistance level.
Green lines are support level .. have taken the base of earlier broadening wedge as S2 and S3. S1 is earlier long green candle from where the initial price rise started.
Be Careful:
Close the trade, if the downward slide is very slow...
we had similar pattern in one of the instrument, initially the price break but then turnaround due to news and broke its major resistance level for new upside.
If it breaks the yellow slanted trendline with strong green candle, may be we will then see change to upside.
AUDUSD has constantly for past few session rejected .76639 levels.. so assuming if downward trend continues from partial rise..
A Pennant formation - breakout confirmation from here (another long red candle below pennant) should give us a measured move to .75553.
Red dotted lines are Resistance level.
Green lines are support level .. have taken the base of earlier broadening wedge as S2 and S3. S1 is earlier long green candle from where the initial price rise started.
Be Careful:
Close the trade, if the downward slide is very slow...
we had similar pattern in one of the instrument, initially the price break but then turnaround due to news and broke its major resistance level for new upside.
If it breaks the yellow slanted trendline with strong green candle, may be we will then see change to upside.