Hi Traders!
There is a bear flag setup here on the AUDUSD 4H chart. Since there was a price rejection at the 0.68182 level, we have continued down since then and we are now in a consolidation period. Looking at the price action, it indicates that the market wants to continue heading to the downside. We also have a longer term idea that supports this (link below).
We are now waiting for confirmation of a break and close to the bottom of our bear flag at 0.64904. If we get this, then the next target will be 0.64500.
As always, there are no guarantees in the markets so as traders, we must look to the other side if the bear flag fails. There is a key level above the flag around 0.65740. Previously there was a big bull push from that level, so the market may want to test that level again as potential resistance.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
There is a bear flag setup here on the AUDUSD 4H chart. Since there was a price rejection at the 0.68182 level, we have continued down since then and we are now in a consolidation period. Looking at the price action, it indicates that the market wants to continue heading to the downside. We also have a longer term idea that supports this (link below).
We are now waiting for confirmation of a break and close to the bottom of our bear flag at 0.64904. If we get this, then the next target will be 0.64500.
As always, there are no guarantees in the markets so as traders, we must look to the other side if the bear flag fails. There is a key level above the flag around 0.65740. Previously there was a big bull push from that level, so the market may want to test that level again as potential resistance.
Please do not forget to like, comment and follow.
We appreciate your support.
BluetonaFX
