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.
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:
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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