The AUD/USD pair currently exhibits a strong bearish trend. The price has breached the weekly support level, although the candle has not yet closed below it. Additionally, it has broken the 4-hour support level and the Friday low of the day. While there is no immediate entry confirmation, a potential short trade opportunity emerges.
For a safer entry, consider waiting for a price pullback to the 0.64342 and 0.63357 zone or at least the 4-hour support level (which would then act as resistance). A successful bearish confirmation at this level would be a strong signal to enter the short trade. This area is significant as it aligns with 15-minute and 5-minute resistance levels, adding to its importance.
The target for this short trade is set at 0.63747, a daily support level. This target represents a potential gain of at least 60 pips.
Please exercise caution and ensure proper risk management in your trading strategy. Keep in mind that trading involves risks, and this idea is not financial advice. Conduct your own research, consider your risk tolerance, and consult with a professional financial advisor if needed.
Trade active
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The trade is currently active and has already secured a positive gain of 20 pips, looking promising!