#AUDUSD: Following the Price Action | #forex

AUDUSD is attempting a breakout

• The price has managed to break the resistance of the main falling channll
  
• Closed above the 50-days SMA
  
• Bullish divergence on RSI
  
• Retesting the latest major swing high
  
• A break above this latest LH at 0.7900 might confirm further upside as the price would invalidate the structure of lower highs and lower lows, recording a anew higher high.
  
  What's next
  
  1)Long Scenario: Will wait for a confirmed breakout above that resistance through a daily closing. Then move to the four-hour chart to time my entry targeting 0.8020 then 0.8110.
  2)Short Scenario: A bearish signal below 0.7900 resistance over the four-hour time-frame. e.g. Bearish pin bar candle, double top formation, support breakout. Targets for this scenario at 0.7740 and 0.7650.
  

Will try to update with my actual trade if possible.
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