This recent pullback into structure has offered a high probability trend continuation trade on the cards. looking for a potential bounce from the currently tested support area and a push up to test the 0.73700 zone
AUD/USD is currently stuck in sideways channel movement, having today had a surging bullish push to retest the previous resistance zone of 74400. We now see a candlestick formation, giving a grate short trading opportunity on this pair.
Lets see how this pans out!
Since price acion's previous breakout to the downside and close below the 1.77600 zone Price action has now retraced back up and is currently retesting This previous support zone which now may act as a potential resistance level.
Price action has now seen a rejection at this level signing a possible continuation to the downside!
As price action is in consolidation right now the fight is on to either make a higher high and push up to the 1.38500 resistance level or start its bearish rotational pull back.
We could possibly have a bearish Gartley formation currently at market forming which could also be a signal that there may be a turn in trend
Have a bearish gartly formation in this current consolidation cluster
Has pushed passed traditional entry's giving a better risk reward profile. taking 2 traditional targets
Target 1 0.71072
Target 2 0.70943