AUDUSD

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TF: 1 HR

AUDUSD has been consolidating in a symmetrical wedge for a few weeks now, A breakout to the upside around this level could occur. If rejected, price may move to the bottom of the wedge were it could breakout lower. Something to keep in eye for the next trend.

Some bearish divergence can be seen on the RSI that has been forming for a few weeks now. I want to say a breakout lower is higher probability if rejected, but the USD is and has been weak, so I would need to see some risk-off type of sentiment.

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wicking around the trend line...

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I redraw the formation a bit and took a short, I was thinking it was still overbought considering what is going on in the area of US-China tension and some rising COVID cases in Australia. Got stopped out on my initial entry and re-entered after seeing some more bearish candles

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