As we can all see price has been consolidating between the 0.78150 resistance area and the 0.76500 support area since the start of the year. During that time, the strong bullish momentum started to weaken and price was making LHs (lower highs) and LLs (lower lows). Currently, price is testing the bullish trend line that was formed in the past. For this swing shorting opportunity, all we need is firstly the break of this trend line with price possibly reaching 0.76500 which will be our entry, we already have a 4h MA (moving average) crossover which gives us better propabilities, so the last signal will be a possible retest after the break of the 0.76500 support area before we actually enter for this big move to the downside. Our first target will be the 0.74135 key area which was the last high before price slightly dropped and then skyrocketed and if we have enough signals that the drop is not over yet we will take our profits at the 0.73315 resistance area now turned support.
This was my analysis on AUD/USD and I hope you like it, see you on the next one!
This was my analysis on AUD/USD and I hope you like it, see you on the next one!