AUDUSD - Very good opportunity- Forecast

Hello Traders,

I believe there is a high probability of Trend reversal after the vertical line (Line number 1). I believe the reversal will last at least till the second line (Line number 2) but the support area in the way might stop it earlier.

Consider that price might continue even few candles more after the Line number 1 before reversal, but it does not matter since getting into a position after the line number 1 will provide a good risk to reward ratio. So it does not matter if it reverses exactly after the vertical line number 1 or few candles after that.

Good luck



P.S. Note that this analysis is my opinion and might be wrong. It is not a trading advice.

Comment:

If we consider 1 to 1 Risk to Reward ratio (just after the line number 1 to the first support area) then price is almost there now. This is the worst case scenario that could be considered as I mentioned it might continue few candles more after the line number 1.
I still believe it will work and we will see a Reversal soon but based on the 1 to 1 ratio price should not go above 0.77192, the green horizontal line.