AUDUSD
The pair forms the "descending flag" of an ascending trend. The decline in risk appetite in the stock market after the recent strong rally is putting pressure on. The pair is likely to continue to consolidate further.
Technical side
Price is below MA50.The RSI crosses the 50% level and also signals the possibility that the price will continue to decline. Stoch is entering the oversold zone.
Trading idea
A drop below 0.77156 will result in a local drop to 0.7650.
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Note
0.7740 shows a broken exhaustion pattern (flag) broken, which is exactly what the market did. Currently looking for short-term selling opportunities if there is a retest of the minor resistance at 0.7733 with the support zone of 0.7670 as the initial target. Take note if any bullish spin breaks above the minor resistance zone of 0.7740, the setup is invalid. We can expect some sentiment discounts in the market. However, the current conditions of the AU are limited in range, avoid having unrealistic targets, and don't forget the overall trend on the higher timeframe remains bullish.Trade closed: target reached
65 pip
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.
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.