AUD/USD: sellers to wait for a bearish breakout

EagleFX Team EagleFX

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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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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