๐ Potential LONG-TERM SELL setup for: AUD/USD
๐ฉ๐ฝโ๐ป Technical overview: AUD/USD has had difficulty surpassing several Moving Averages on higher timeframes. The daily support level was recently breached. Furthermore, the last daily candlestick showed a long upper wick, often indicating intense selling pressure. The 0.65 level is significant as this level might allow for a double bottom pattern to form on the 4-hour chart.
๐ฏ Potential Entry Strategies:
โข Scenario A Bullish Outcome: If the price doesn't drop below the 0.65 level, it could complete the formation of the second bottom of the double bottom pattern. This could then lead to a bullish reversal.
โข Scenario B Bearish Outcome: If the 0.65 level is broken, we could expect further downward movement in price.
๐ฏ Potential Entry Strategies:
โข Scenario A Bullish Outcome: If the price doesn't drop below the 0.65 level, it could complete the formation of the second bottom of the double bottom pattern. This could then lead to a bullish reversal.
โข Scenario B Bearish Outcome: If the 0.65 level is broken, we could expect further downward movement in price.