AUDUSD: Potential Short Opportunity at February Peak

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.

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AUDUSDChart PatternsTechnical IndicatorsTrend Analysis

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