If the price of AUD/USD declines to .6545 then it will have completed a solid M-Top pattern.
This will also be a double top at .6573 where WR1 Pivot sits.
All the signs are looking like AUD/USD BULLS left this market when the price returned to WR1 and now we should see AUD/USD BEARS take control.
Curerntly the price is trapped between the 25 EMA and the 50 EMA on H1 and we would need to see the price break the 50 EMA in order for this trade to trigger.
If the price does head south and the trade is on then we have a natural STOP above the double top and above WR1 at .6578 which would be a 33 pip SL.
Target is initially 1:1 which takes us down to .6518 but AUD/USD will need to break the 100 EMA and the 200 EMA on H1 which will not be easy.
The Pivot Point Supertrend is showing that the price is moving away from resistance and the Andean Oscillator's red SELL line is rising nicely.
A few headwinds for this pair and 19:00 see the FOMC Meeting Minutes which will move the market and either kill this trade or advance it.
Hopefully in just less than 7 hours we can get a b/e or + stop on this trade in case the news gives the USD a lift.
This will also be a double top at .6573 where WR1 Pivot sits.
All the signs are looking like AUD/USD BULLS left this market when the price returned to WR1 and now we should see AUD/USD BEARS take control.
Curerntly the price is trapped between the 25 EMA and the 50 EMA on H1 and we would need to see the price break the 50 EMA in order for this trade to trigger.
If the price does head south and the trade is on then we have a natural STOP above the double top and above WR1 at .6578 which would be a 33 pip SL.
Target is initially 1:1 which takes us down to .6518 but AUD/USD will need to break the 100 EMA and the 200 EMA on H1 which will not be easy.
The Pivot Point Supertrend is showing that the price is moving away from resistance and the Andean Oscillator's red SELL line is rising nicely.
A few headwinds for this pair and 19:00 see the FOMC Meeting Minutes which will move the market and either kill this trade or advance it.
Hopefully in just less than 7 hours we can get a b/e or + stop on this trade in case the news gives the USD a lift.