By Admiral Markets
Source: Admiral Markets MT5 with MT5SE Add-on
As we could have seen in the previous AUD/USD analyses, the price followed the bearish setup and at this point it is making a breakout. The bearish triangle breakout zone is 0.7390-0.7405 and this is the POC for short trades. A 4h close below 0.7350 should initiate a continuation move towards 0.7524 and 0.7298. Selling on rallies is the valid option.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
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D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Source: AUD/USD Bearish Triangle Breakout
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
