AUD/USD Technical Analysis- When Bears Will Continue?
AUD/USD is very corrective after a bearish movement but the price failed to come below 0.7562. Can AUD/USD push higher? What else we may expect from the price? To know details, keep eye on the Forex Secret technical analysis on AUD/USD.
April 08, 2021|The Forex Secret – AUD/USD is a widely traded currency pair that moved lower with the recent dovish tone from one of its trading Partners New Zealand. The fresh bearish move started from the 0.7755 order block that halted in the 0.7562 area. However, the price became very volatile as soon as it reached the 0.7562 level. Therefore, the price has a higher possibility to show a deep correction before proceeding further downside.
AUD/USD Order Block Analysis
AUD/USD bearish movement started from the order block situated at 0.7756 area where another test and rebound is pending.
In the above image, we can see the daily chart of AUD/USD where the price successfully broke the market structure as soon as the price started to fall from the 0.7755 area. Later on, the price started correcting higher and any sign of bullish rejection from 0.7740 to 0.7760 area would create a bearish possibility in the price.
How to Enter the AUD/USD Trade?
Here investors should be cautious about the price level and wait for the price to come at this level with a corrective speed. Later on, investors should see intraday charts for the selling opportunity.
Based on the intraday chart the trade should be taken from any near-term event levels with an appropriate candlestick formation. The primary idea about the stop loss is above the recent swing high with some buffer.
As of the above discussion, we can say that the AUD/USD has a higher possibility to continue the bullish momentum towards 0.7759 from where any bearish candlestick formation would be a potential entry point.