AUDUSD has broken out of a long-term supportive trendline, indicating bearish pressure is soon to follow. However, the pair seems to be consolidating outside of the supportive trendline.
As of now, the pair is currently at a resistive trendline. Bears can short the pair now, with a stop-loss a few pips above the resistive trendline, and a first target at the supportive trendline in the consolidation zone. Beyond that, short positions can added after a break and retest of the supportive trendline.
If an impulsive break above the resistive trendline occurs, we will need to reanalyse the chart.
Be sure to follow me for more ideas and analyses.
Best of luck traders!
As of now, the pair is currently at a resistive trendline. Bears can short the pair now, with a stop-loss a few pips above the resistive trendline, and a first target at the supportive trendline in the consolidation zone. Beyond that, short positions can added after a break and retest of the supportive trendline.
If an impulsive break above the resistive trendline occurs, we will need to reanalyse the chart.
Be sure to follow me for more ideas and analyses.
Best of luck traders!