AUDUSD - Heading lower or bullish breakout?
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.
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.
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.
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.
