AUDUSD bearish continuation .. the week of 10 Oct 2022
This pair has been bearish since April 2022, for the most part has been respecting previous significant levels (areas). During the previous 2 weeks, price has been consolidating, trying to break below 0.6360 but failing. The NFP report of Fri was good for the US$ and we saw significant bearish strength during the last 2 days as well.
I expect the bears to succeed in breaking through next week and will be looking for some bearish price action evidence to target the 0.6000 area. If this works out as per my expectation, we may have a +2R trade.
Always use sound money and risk management and stay patient in all your trades.
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I expect the bears to succeed in breaking through next week and will be looking for some bearish price action evidence to target the 0.6000 area. If this works out as per my expectation, we may have a +2R trade.
Always use sound money and risk management and stay patient in all your trades.
If you like my analysis, please give it a “thumbs up” and follow me to get even more awesome content.
What do you think about this trade idea? Please comment and share your thoughts!!
Trade active:
As expected, the market made a strong move to the downside. It might take another week to get to the target.