AUD/USD - H1 Chart - Wedge Breakout

The AUD/USD AUDUSD pair on the H1 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined Wedge pattern. This suggests a shift in momentum towards the downside in the coming Hours.

Key Points:

Sell Entry: Consider entering a short position around the current price of 0.6644, positioned close to the breakout level. This offers an entry point near the perceived shift in momentum.

Target Levels:
1st Support – 0.6611
2nd Support – 0.6590

Stop-Loss: To manage risk, place a stop-loss order above 0.6663. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

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Now in Good Profit