Although it's rally,we can see that the australian dollar is ready for a ''digestive'' pull back after that rally forming a advance pattern and goinh towards a .
As we see at the chart we have two formations,an and a pattern.
The pattern(red lines) is about to be broken as price is fighting it's neck line,if not we have a continuation of the downtrend.
If price break the neck line then we are watching for the 1.27% of XA leg of the pattern and previous resistances to take a short trade.
Short trade is favoring as the 200EMA is slightly .
We can also notice the downward red which is broken and it propably going to act as a support in an upcoming pullback as it coincides with the 61.8% of CD leg of the formation.
Stochastics are in overbought area.
POSSIBLE SHORT TRADE:
FIRST TARGET T1 AT 0,7520 WITH 2.5 P/L
SECOND TARGET AT 0,7460 WITH 4.5 P/L
BUY STOP AT 0,7650
THANK YOU FOR SUPPORT!
Thanks for support..