AUDUSD technical analysis and trade idea
Chart Timeframe: H4
Patterns and Facts:
AUDUSD is testing the EMA 50 and EMA 200 Support ( Very close to each other ). Price pulled back from Fibonacci 61.80% of XA move ( 0.79840). RSI headed South.
Predicted Movement:
AUDUSD is likely to break below 0.78880 EMA 50 support and test 0.78400 Fibonacci 61.80% of AB move. Then we will have two scenarios.
1.The next level will be 0.78120. If breaks below 0.78120, we predict the pair will continue its bearish movement to complete C at 0.76600 Fibonacci 1.27 of XA.
2.If it fails to break 0.78120, a bullish price action towards 0.80000 to complete the bearish harmonic pattern.
Short-term trade setup:
Trade: SHORT
Entry: 0.78800 (Break below of the EMA support @ 0.78800)
First Target: 0.78400
Second Target: 0.78200
UPDATE: Short Trade reached the second target. 60 pips. Trade Closed.
We will wait for a few H4 closing to see the C Leg.
Trade would be updated at the premium pages.
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AUDUSD Technical Analysis: 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
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