AUDUSD BEARISH SETUP
AUDUSD: Price is looking like about to break below this UPTREND LINE extending from March 2020 (Coronavirus Low), we've seen price retesting this zone over time, this is the fourth retest, it worth to know that it has been taking less and less time to get each retest, the first touch was in March 2020, with the next retest in October 2020, the next touch or retest in Feburary 2021 and now another retest in March 2021, these shorter time interval of retests is telling us price is really pressuring this zone for a possible break below.
Now we've an edge of bearish flag formed up at the TRENDLINE zone on 1H/4H chart, a break below with BEARISH FLAG will also indicate a break below the 1year TRENDLINE, which will defintely send price lower with target @ 0.7380 which is the next zone of support.
Now we've an edge of bearish flag formed up at the TRENDLINE zone on 1H/4H chart, a break below with BEARISH FLAG will also indicate a break below the 1year TRENDLINE, which will defintely send price lower with target @ 0.7380 which is the next zone of support.
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.