AUD/USD produced a bearish reversal candle. The price has been in consolidation around a level for the last four trading days. The H1 chart shows that the price made a breakout at yesterday’s lowest low and traded below the level for several hours. It may make a bullish correction. If the level produces a bearish reversal candle, the sellers may find an opportunity to go short in the pair.
Chart 1 AUD/USD H1 Chart
The chart shows that the price made a bearish move and consolidated after having a bounce at 0.69500. It then made a breakout at the level and headed towards the South. As of writing, the price has been bullish in the current candle. If it heads towards the North to make a bullish correction, the sellers may wait for the price to produce a bearish reversal candle at 0.69500. The sellers may go short below the level of 0.69330.
Trade Summary:
Entry: Sell below 0.69330
Stop Loss: Above 0.69500
Take Profit 1: 0.69080
Take Profit 2: 0.69000
Take Profit 3: 0.68825