AUDUSD: Risky Short 😵
The overall market structure is bearish as I can spot a descending trendline resistance.
Price has broken out of a very solid support zone to the downside, and as you can see, the price is making a retracement towards the resistance zone which also aligns with the 50% Fibonacci retracement.
I believe a rejection from this level could drive the price lower to the support level.
Price has broken out of a very solid support zone to the downside, and as you can see, the price is making a retracement towards the resistance zone which also aligns with the 50% Fibonacci retracement.
I believe a rejection from this level could drive the price lower to the support level.
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