AUD/USD: sellers to wait for a bearish breakout
|AUD/USD has been bearish on the daily chart for the last five trading days. The pair produced a spinning top yesterday. However, the H1 chart suggests that the price may head towards the South further if it makes a breakout at yesterday’s lowest low.
The chart shows that the price consolidates around the level of 0.68770 for several hours. It produced a bearish engulfing candle followed by another bearish one. As of writing, the price has been bearish on the current H1 candle as well. If it keeps driving the price towards the downside and makes an H1 breakout at the level of 0.68490, the sellers may go short to grab some green pips.
Trade Summary
Entry: Sell below 0.68490
Stop Loss: Above 0.68770
Take Profit 1: 0.68035
Take Profit 2: 0.67810
Take Profit 3: 0.67585
Please Note: The pair is to make an H1 breakout at the level of support. This means an H1 candle is to close below the level of 0.68490 and the next candle is to be held by the breakout level to offer the entry to the sellers.
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