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The AUDUSD has rallied after hitting multi-week lows and formed a rising wedge formation as visible in this H4 chart. The bearish chart pattern has been strong and not been violated. We expect this currency pair to correct down to its ascending support level and potentially initiate a breakdown into its ascending 50 DMAwith the next support level being at its 200 DMA.
MACD has confirmed the bearish chart pattern and formed a negative divergence. RSI has confirmed the bearish chart formation as well with a negative divergence of its own while it trade in and out of extremeoverbought territory. A breakdown from overbought territory should accelerate the sell-off.
We recommend a short position at 1.0465 which will be an addition to our existing short position we took on March 5th at 1.0225. Our existing long position we took on January 24th at 1.0491 will act as a hedgeto our two short positions.
Traders who wish to exit this trade at a loss are advised to place their stop loss level at 1.0500. We will not set a stop loss level for this trade and execute it as recommended. Place your take profit level at 1.0330forex.com
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