AUDUSD Reversal Breakout
AUDUSD has moved as predicted in our previous analyses, albeit faster than expected.
It has broken through S1 after forming an M top pattern.
We expect price to continue lower towards the bottom of the trend channel, where it may decide to bounce back towards S1 before eventually breaking lower towards the 200 MA.
Trading Ideas:
Short to TP Zone, with SL above S1
Long off a bounce on Minor Support or trendline towards S1
Short off a failed retest of S1
It has broken through S1 after forming an M top pattern.
We expect price to continue lower towards the bottom of the trend channel, where it may decide to bounce back towards S1 before eventually breaking lower towards the 200 MA.
Trading Ideas:
Short to TP Zone, with SL above S1
Long off a bounce on Minor Support or trendline towards S1
Short off a failed retest of S1
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