The RBA wants the AUD/USD currency below 0.75. If we take a look at last 2 weeks we can see that support has been established within the 0.7150 zone. Looking at our weekly chart we can see that 0.7150 has served as historical support (May-June) and now it is the bottom of megaphone pattern. POC for long trades comes within 0.7150-65 zone (megaphone bottom, L4, historical support) while the POC for short trades is 0.7260-80 zone (H4, megaphone top, 38.2, bearish order block). Targets for both shorts and longs is the pivot point 0.7210.Megaphone aka Broadening top is a tricky pattern but since we can identify POC zones, it should be easier for us to spot trading opportunities.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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