AUDUSD: Potential Short Opportunity at February Peak
The AUDUSD broke out from a rising wedge yesterday and rapidly rose by 1% to hit the 0.658 mark, which is the second peak of the rising wedge pattern. Since then, the pair has retraced and is consolidating below the resistance zone. In the event of another impulsive spike towards the top of the rising wedge around 0.0.6589 (R2), it would offer good short entry point.
🔴 Sell Entry (R2): 0.6589
🎯 Target 1 (S2): 0.6549
🎯 Target 2 (S3): 0.6532
🎯 Target 3 (S4): 0.6520
⛔️ Stop: 0.6603
The overall trend for the AUDUSD in 2024 remains bearish and it has yet to be invalidated.
All forms of investments carry risks, including the risk of losing more than the invested amount and may not be suitable for everyone. This advertisement has not been reviewed or endorsed by the Monetary Authority of Singapore. Please ensure you fully understand the risks and costs involved by reading the Risk Disclosure on www.phillipnova.com.sg.
The AUDUSD broke out from a rising wedge yesterday and rapidly rose by 1% to hit the 0.658 mark, which is the second peak of the rising wedge pattern. Since then, the pair has retraced and is consolidating below the resistance zone. In the event of another impulsive spike towards the top of the rising wedge around 0.0.6589 (R2), it would offer good short entry point.
🔴 Sell Entry (R2): 0.6589
🎯 Target 1 (S2): 0.6549
🎯 Target 2 (S3): 0.6532
🎯 Target 3 (S4): 0.6520
⛔️ Stop: 0.6603
The overall trend for the AUDUSD in 2024 remains bearish and it has yet to be invalidated.
All forms of investments carry risks, including the risk of losing more than the invested amount and may not be suitable for everyone. This advertisement has not been reviewed or endorsed by the Monetary Authority of Singapore. Please ensure you fully understand the risks and costs involved by reading the Risk Disclosure on www.phillipnova.com.sg.
