AUDUSD: Potential reversal formation

31 окт. 2022 г.

AUDUSD

Intraday - We look to Buy at 0.6350 (stop at 0.6295)

We are trading at oversold extremes. A Doji style candle has been posted from the base. This is positive for short term sentiment and we look to set longs at good risk/reward levels for a further correction higher. The hourly chart technicals suggests further downside before the uptrend returns. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Potential for an inverse head & shoulders formation.

Our profit targets will be 0.6500 and 0.6655

Resistance: 0.6655 / 0.6770 / 0.6910
Support: 0.6400 / 0.6170 / 0.6000

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