AUD/USD: A bearish breakout to drive the price downside

EagleFX Team EagleFX

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.

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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