The AUD/USD AUDUSD pair on the H1 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Wedge pattern. This suggests a shift in momentum towards the downside in the coming Hours.
Key Points:
Sell Entry: Consider entering a short position around the current price of 0.6644, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.
Target Levels: 1st Support – 0.6611 2nd Support – 0.6590
Stop-Loss: To manage risk, place a stop-loss order above 0.6663. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.