Verdict:
Bearish if breaks downside.
Plan of action:
Short after downside breakout retest
AUDUSD is a forex instrument that has 5.4% of trading volume.
The Instrument has been in a falling wedge pattern and seems to continue its trend for some time.
It has touched the above trendline and might break the rectangle pattern to the downside. If it happens, it might give a violent move to the downside.
Once it breaks, wait for the retest, and then enter after the retest. It might be a nice trade with RR: 1:2.5.
Reasons:
*****Disclaimer:*****
The information provided in this blog post is for informational purposes only. It is not intended as financial, investment, or trading advice. The author is not a licensed financial advisor or professional.
Trading and investing in financial markets carry inherent risks, and past performance is not indicative of future results. Readers should conduct their research, consider their risk tolerance, and consult with a qualified financial advisor before making any trading or investment decisions.
The author is not responsible for any financial losses or gains that may result from actions taken based on the information presented in this blog post. All trading and investment decisions are made at the reader’s own discretion and risk.
Finnova© All Rights Reserved
