Hey everyone, Ken here!
Right now, AUDUSD is shaping up into a textbook bearish setup. Price has broken through a key support level and is already showing early signs of selling pressure taking control. Following the breakdown, the market is pulling back to retest that broken zone, a classic move that often confirms continuation to the downside.
Given this technical backdrop, I don’t expect price to reclaim that old support, which now acts as resistance. A clean rejection from this area could trigger the next leg lower, with a projected target around 0.65050, perfectly aligned with the 1.618 Fibonacci extension.
What’s your take on this setup?
Right now, AUDUSD is shaping up into a textbook bearish setup. Price has broken through a key support level and is already showing early signs of selling pressure taking control. Following the breakdown, the market is pulling back to retest that broken zone, a classic move that often confirms continuation to the downside.
Given this technical backdrop, I don’t expect price to reclaim that old support, which now acts as resistance. A clean rejection from this area could trigger the next leg lower, with a projected target around 0.65050, perfectly aligned with the 1.618 Fibonacci extension.
What’s your take on this setup?
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منشورات ذات صلة
إخلاء المسؤولية
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.