hey traders,
on aud usd we have a perfect example of a potential breakout trade.
on a 4h chart we see multiple tests of 0.707 level of support,
it is a significant level of structure, and bearish violation of it will trigger the selling reaction of the market participants.
to catch this potential breakout,
I suggest you focus on a descending triangle on 1h chart.
we see how the support line of a triangle perfectly matches with the support level that we have identified on a higher timeframe.
so bearish violation of it is a perfect call to sell the market.
3 next levels of support to focus on:
0.702
0.698
0.694
it could be your targets for selling this triangle.
however, I don't predict that the market will go lower,
from a current perspective, we can also see a bullish breakout.
I just gave you a set of actions for a bearish breakout.
good luck!
Commento:
Hit target 1
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The market almost hit the first target