As we could have seen in the previous AUD/USD analysis, the price followed the bearish setup and at this point, it is making a breakout. The bearish triangle breakout zone is 0.7390-0.7405 and this is the POC for short trades. A 4h close below 0.7350 should initiate a continuation move towards 0.7524 and 0.7298. Selling on rallies is the valid option.
- W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
- W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
- W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
- D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
- D L3 – Daily Camarilla Pivot (Daily Support)
- D L4 – Daily H4 Camarilla (Very Strong Daily Support)
- POC – Point Of Confluence (The zone where we expect the price to react aka entry zone)
Best wishes,
Nenad
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