Trade of the week – AUDUSD rejected from an upside resistance
Our previous trade of the week had a good profit now to a new one
Our trade of the week is AUDUSD. The instrument is testing the 0.6870-0.6900 zone where is a strong resistance as it can be seen on a weekly chart. We are looking for a big rejection from this zone which will open a new 250 pips downside swing. A confirmed daily close above this zone is required for the downside invalidation.
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25% off and $50k Trading account On a daily chart, we can see that the pair is rejected from the upside resistance zone with a big bearish shadow candle. This retest is giving us a good short trade opportunity which will increase the probability of a huge profit in the case of a break below 0.6870. Based on this you can place a short trade entry with a stop loss above the 0.6900 level. The target is 0.9700 at least. 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)
Copy trading with refund for losses
Copy trading with refund for losses