AUDUSD where to target after the downside support extension
AUDUSD is rejected by the strong downside resistance zone 0.7000-0.7070. This rejection is opening a possible further downside extension for a key breakout 0.6850 level test. As long as the pair is below the 0.7100 level look for more downside.
On a daily chart, we can see that a short-term rising wedge is broken to the downside. This is providing an excellent trading opportunity with a good risk to reward short entry. For confirmation of short trade entry, wait for a daily close below 0.6900 level and enter a short trade with the stop loss above 0.6970 to target 0.6700 and lower. ARMAT trading system is indicating a potential 200 pips of profit.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts.
Happy trading! (click on the chart to enlarge it)
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