[Signal] AUDUSD: Bear-ing on Growth

Pair: AUDUSD
Timeframe: H4
Direction: Short

Technical Confluences for Trade:
- Price action went below mid of Parallel Channel
- Stochastic Overbought momentum
- Wide EMA gap
- Resistance ceiling can be seen at the previous high levels

Fundamental Confluences for Trade:
- Growth outlook is slowly weakening across the globe due to high prices
- Weakening purchasing power will sap demand for commodities and Australia is considered as a commodity currency

Suggested Trade:
Entry @ Area of Interest 0.7200 - 0.7250
SL: 0.7291
TP1: 0.7110
TP2: 0.7065
RR: Approx. 2.27 (Depending on Entry Level)


May the pips move in our favor! Good luck! :D

*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and we are not responsible for any losses derived from it.

Trade active

Comment:

TP1 achieved. Take half the profit and move SL to entry levels.

Trade closed: target reached:

TP2 achieved. :D