AUD/USD: Low Risk Trade Setup
|AUDUSD Technical Analysis July 17/2019
AUDUSD : A possible bearish pattern is clearly visible on the 15 minute chart. The blue bearish pattern still needs to make a small push higher to complete point D at the BC 0.50% Fib. retracement level where sellers will be possibly waiting to push the AUDUSD pair lower towards the 0.70 handle and below. At the moment traders need to wait for price to reach the SELL ZONE (green box) where AUDUSD can possibly reverse lower from. If price extends lower below the AB 2.24% Fib. level before reaching the point D minimum SELL entry level then the trade is invalid and cancelled. The BC 0.50% Fib. level together with previous support structure, which will now offer as possible price resistance, will be a strong area where the pair can and should reverse from. If looking to trade AUDUSD traders should be patient and wait for price to make a move higher towards the minimum BC 0.50% Fib. retracement level. Waiting for price to hit the BC 0.50% Fib. retracement minimum will offer a better risk/reward trade setup. Blue bearish pattern is invalidated if price moves above point B of the pattern and Stop Loss should be placed at this level. Watch for the 0.70 area for a 1:1.5 RR Target.
AUDUSD 15 Minute Chart 7.17.2019
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