Facts:
- The pair bounced off the key resistance area near 0.6500
- Short – term trend remains downward
Recommendation:
Trade: Short position on AUDUSD at market price
Target: 0.6465, 0.6447
Stop: 0.6508
Opinion: AUDUSD has been trading in a downward move recently. Looking at the H1 interval, one can see that the price bounced off the key 0.6500 resistance area. The red area near the 0.6500 handle on the chart below is marked with previous price reactions as well as 23.6% Fibonacci retracement and upper limit of 1:1 structure. Taking this into account, continuation of the downward move looks to be the base case scenario for now. We recommend going short AUDUSD at market price with two targets: 0.6465 and 0.6447. We also recommend placing a stop loss order at 0.6508. Source: xStation5
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