AUDUSD: breaking out of ascending wedge
AUDUSD is breaking out of ascending wedge, which might indicate a correction move downside and a risk-on scenario.
Aussie is currently trading around 17% higher since march lows and pretty much correlated with bullish sentiment in equity market.
The first support level can be found around 0.6250-06270 price, which is between 0.23-0.382 Fibonacci retracement level.
After breaking that zone, the price can continue going lower to around 0.6040 level.
Fundamentally, I still think that we are going to see lower level in equities (or at least a correction move lower), thus lower price in AUDUSD as well.
Joining bears from around 0.64700 price with S/L above 0.66000 and T/P around 0.60400 provides decent R/R.
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Aussie is currently trading around 17% higher since march lows and pretty much correlated with bullish sentiment in equity market.
The first support level can be found around 0.6250-06270 price, which is between 0.23-0.382 Fibonacci retracement level.
After breaking that zone, the price can continue going lower to around 0.6040 level.
Fundamentally, I still think that we are going to see lower level in equities (or at least a correction move lower), thus lower price in AUDUSD as well.
Joining bears from around 0.64700 price with S/L above 0.66000 and T/P around 0.60400 provides decent R/R.
//
Feel free to share your opinion/position via comment and follow me to stay updated + support my work by hitting like.)
Trade closed: stop reached:
The S/L was reached if you put it.