MrVolcano

AUDUSD - Heading lower or bullish breakout?

FX:AUDUSD   Australian Dollar / U.S. Dollar
77 0 1
Price has been ranging in a wedge pattern with great predictability for the past two months. Price is again at the top of the range and showing signs that a downwards move could be imminent.

I think a short move is most likely. Two bearish signals have appeared at resistance and price has broken below the 4h upwards trendline . Stoch is showing overbought sell signals.

The daily chart shows that the wedge is narrowing and a breakout is due soon.
snapshot

I'm going to cover both possibilities with an OCO             order.

A short order will be placed if price breaks 4h support at 0.7657.

A long order is placed above 0.7700 to capture a bullish breakout.
United States
United Kingdom
India
Deutschland
France
España
Italia
Polska
Türkiye
Россия
Brasil
Indonesia
Malaysia
ประเทศไทย
Việt Nam
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Priority Support Contact Support Ideas Published Followers Following Private Messages Chat Sign Out