AUDUSD: Bearish breakout (Sell opportunity)
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The AUDUSD currency pair has exhibited a recent uptrend within the M30 bullish channel, presenting favorable opportunities for range trading. However, a bearish breakout occurred below the lower boundary of the aforementioned bullish channel at 0.66620. This event was followed by the pair’s breach of a key support zone at the psychological level of 0.6650, establishing a bearish market structure that underpins bearish sentiment.
Moreover, a bearish harmonic pattern has also materialized on the M15 timeframe, which adds weight to the bearish outlook. It is plausible that the pair may test the previously violated support zone at the psychological level of 0.66600 before initiating a decline.
In view of this, my short and medium-term targets are set at 0.65943, with 0.66000 serving as an alternative target.
Moreover, a bearish harmonic pattern has also materialized on the M15 timeframe, which adds weight to the bearish outlook. It is plausible that the pair may test the previously violated support zone at the psychological level of 0.66600 before initiating a decline.
In view of this, my short and medium-term targets are set at 0.65943, with 0.66000 serving as an alternative target.
Note
The market was very slow today, failing to create a lower low. If structure breaks the 0.66662 and 0.66874 region, price may rally to upside. It is important that traders monitor price closely.
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