AUDUSD key positioning
It is testing the 0.7180 upside resistance and a possible right shoulder in H&S formation. For a downside reversal and a higher probability of short trade entries, we need to see a confirmed break below 0.7000. A break below this level would lead to an extension lower to 0.6700 medium-term. The overall medium-term is an uptrend but we need to see a confirmed break above 0.7200 for a complete upside continuation extension. It is a complex positioning and could open bot ways trade potential long/short.
Note – We are inclined more to short trade entries with the stop loss above 0.7200 but upon a break below 0.7000
Elliott Wave&Price action combined crash course with add-ons! Promo 50% off!
If you want to learn trading analysis and how to get to key trading levels like in this article register for Private Live mentoring with your trading evaluation.
