AUD/USD could DROP very HARDHey tradomaniacs,
AUD/USD is currently fighting at very crucial price-areas.
Overall I expect it is all up to the CORONA topic which is currently heating up again.
A dropping stock-market would confirm this IDEA and setup.
Technically we see a double-top-pattern and an impulsiv-wave which is ending -> Next cycle should be a correction.
Wait for the break below the trendline before you sell as market is still respecting it.
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Peace and good trades
Irasor
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Aushortsetup
AUDUSD Short Setup @ 0.7590I'm expecting a short-term correction on USD, which may pull AU back to areas of previous support. AU has been ranging within an ascending wedge for quite some time, so I'm targeting the bottom of this wedge as a tp. The target sell zone is between 0.7550 and 0.7590. These are my entry, sl, and tp targets:
Entry Sell: 0.75900
Stop Loss: 0.77550
Take Profit: 0.73025
Regarding the poor risk/reward ratio- I'm planning on opening a small position at 0.75900, then averaging out with more shorts if the price continues to climb toward the upper trendline. I'd think 0.7680 would be a safe SL, but you never know what can happen in terms of fundamentals. My take profit is above the trendline and 0.786 fib.
I may enter at a position earlier than my stated target, depending on the status of RSI and EMAs. If so, I'll update this accordingly.
Thanks for checking out my idea!