AUD/USD: A bearish breakout to drive the price downside
|AUD/USD produced a bearish reversal candle on the daily chart yesterday. The price was bullish to start its trading day today. It then had a rejection. Since then it has been bearish on the H1 chart. The sellers may go short on the pair below the last swing low to grab some green pips.
Chart 1 AUD/USD H1 Chart
The price had a rejection twice at the level of 0.67295. At the last rejection, after producing a bearish inside bar, the chart has produced consecutively three more candles that are bearish. Thus, if the price makes a breakout at the level of 0.67100, the sellers may trigger a short entry.
Trade Summary
Entry: Sell below 0.67100
Stop Loss: Above 0.67295
Take Profit 1: 0.67038
Take Profit 2: 0.66965
Take Profit 3: 0.66875
Please Note: Its Friday market today. Since it's a trade setup based on the H1 chart, the sellers may consider closing the trade manually just before the London Session closes.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.