AUDUSD Rising Wedge Pattern and Short Opportunity
Description: Chartraderpro finds a forming rising wedge pattern on H1 Chart timeframe. Potential bearish price action by the breakout of the wedge is predicted.
Pair / Instrument: AUDUSD
Time Frame: H1
The trend in the Timeframe: Bullish
The trend in the Daily Chart: Bearish
Trade Based On: Rising Wedge Pattern
Recommended Lot Size: 0.03@ 10 K Account with 1:100 Leverage
The Area Of The Entry: Estimated breakout level 0.71250 – 0.71200
Stop Loss: Above 0.71550
Target 1: 0.70980
Target 2: 0.70700
Target 3: 0.70500
What to Pay Attention: You need to wait for the breakout of the wedge. We have attached the chart so you can follow the idea and see the potential clear breakout.
Update: TP1 Reached 25 Pips
You can view the setup: AUDUSD Rising Wedge
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Rules To Keep In Your Mind: Trade Safe. Money Management is the key to success in forex trading. Do not risk more than 1% of your account in each trade.
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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money
AUDUSD Rising Wedge Pattern: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.