Hello Traders,
Welcome to our weekly trade setup. We are now focusing on AUD/USD which has potentially formed a Bearish Structure.
We have detected a potential Bearish Structure in AUD/USD at the Daily chart. Right now, the price has currently forming a Bearish continuation pattern "Rising Wedge" whose price is now moving towards a yearly resistance level at 0.7200 area which was formed last year April 2019 where we can expect a bounce from the resistance area. We are also seeing a potential Bearish Divergence in RSI both at the Daily and 4H chart which increases our probability that the AUD/USD will go down. It is highly recommended to wait for the price to breakout from its Rising Wedge structure first or wait for a Bearish Breakout to make a Bearish setup valid.
Recommended pending Sell order entry at 0.71222 or Sell at Bearish Breakout, Stop loss order 0.72417 which placed just right above the yearly resistance level, 1st Target profit is 0.68279 and 2nd Target profit is 0.64111 with a Risk/Reward ratio of 3.93.
It is highly suggested to compare with your own analysis first before taking an entry. When all the rules of the strategies are satisfied, you are now good to take an entry.
Good luck and Happy Pips!
Welcome to our weekly trade setup. We are now focusing on AUD/USD which has potentially formed a Bearish Structure.
We have detected a potential Bearish Structure in AUD/USD at the Daily chart. Right now, the price has currently forming a Bearish continuation pattern "Rising Wedge" whose price is now moving towards a yearly resistance level at 0.7200 area which was formed last year April 2019 where we can expect a bounce from the resistance area. We are also seeing a potential Bearish Divergence in RSI both at the Daily and 4H chart which increases our probability that the AUD/USD will go down. It is highly recommended to wait for the price to breakout from its Rising Wedge structure first or wait for a Bearish Breakout to make a Bearish setup valid.
Recommended pending Sell order entry at 0.71222 or Sell at Bearish Breakout, Stop loss order 0.72417 which placed just right above the yearly resistance level, 1st Target profit is 0.68279 and 2nd Target profit is 0.64111 with a Risk/Reward ratio of 3.93.
It is highly suggested to compare with your own analysis first before taking an entry. When all the rules of the strategies are satisfied, you are now good to take an entry.
Good luck and Happy Pips!