MrVolcano

AUDUSD - Heading lower or bullish breakout?

FX:AUDUSD   Australian Dollar/U.S. Dollar
76 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.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out