AUDUSD has maintained a fairly steady uptrend recently, respecting an ascending trendline throughout the move. However, the structure has started to shift after price broke below that trendline. A break of a well-tested trendline like this is often the first sign that bullish momentum is fading and sellers are beginning to regain control.
I’ll be watching for a pullback toward the broken trendline before considering any short setup. Ideally, I want to see a clear rejection or a strong confirmation candle around the retest area, as that would increase the probability of a bearish continuation. If that scenario plays out, my target will be 0.68850, in line with the current breakout direction.
This is simply my personal view based on the current price structure, not financial advice. I’ll still wait for confirmation before taking any position and always prioritize proper risk management.
I’ll be watching for a pullback toward the broken trendline before considering any short setup. Ideally, I want to see a clear rejection or a strong confirmation candle around the retest area, as that would increase the probability of a bearish continuation. If that scenario plays out, my target will be 0.68850, in line with the current breakout direction.
This is simply my personal view based on the current price structure, not financial advice. I’ll still wait for confirmation before taking any position and always prioritize proper risk management.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.